Although the New Zealand Dollar (NZD), Australian Dollar (AUD) cross has flatlined in recent months trading mainly between 0.9010 (1.1100) and 0.9110 (1.0980) ranges, the pair still sits in the long-term bear trend channel from November 2021’s 0.9710 (1.0300). The Aussie outmuscled the kiwi firming up overnight to trade below the key 0.9000 (1.1110) level to reach 0.8965 (1.1155). Looking ahead this week’s economic calendar is thin with just NZ Retail Sales q/q printing. We expect further AUD strength to develop if the currency can climb through 1.180 (0.8945) resistance/support.
Current Level: 0.8976 (1.1138)
Resistance: 0.9110 (1.1180)
Support: 0.8945 (1.0980)
Last Weeks Range: 0.8973-0.9104 (1.0984-1.1144)