The New Zealand Dollar (NZD) found support around the 0.8900 area Monday against the Australian Dollar (AUD) as the pair came off last week’s 0.8890 (1.1250) zone. Stronger than anticipated Australian Retail Sales hasn’t helped the Aussie after figures showed a rise in the July numbers of 1.3% compared to 0.3% expected. Data this week is thin so the recent drivers of this cycle of NZD weakness remain, with the kiwi still under pressure. On the chart the daily close at 0.8795 (1.1370) the July 2015 level could be retested.
Current Level: 0.8915 (1.1208)
Resistance: 0.9110 (1.1390)
Support: 0.8780 (1.0980)
Last Weeks Range: 0.8886-0.9030 (1.1074-1.1253)