Late last week’s New Zealand Dollar (NZD) recovery continued into Monday markets against the Australian Dollar (AUD) with price reaching 0.9125 (1.0960) early this morning. The AUD has fought back into midday to around 0.9085 (1.1007) as the cross continues to hold above key support at 0.9000 (1.1110). The long-range Aussie bear channel trend from 0.9435 (1.0600) remains with a break above 0.9180 (1.0900) needed to signal a possible break higher. If commodities and risk assets deteriorate further such as ore and gas investors may become increasingly pessimistic around global growth prospects, this may be NZD supportive.
Current Level: 0.9080 (1.1006)
Resistance: 0.9130 (1.1090)
Support: 0.9020 (1.0950)
Last Weeks Range: 0.9000-0.9171 (1.0903-1.1110)