NZD/AUD Transfer:

The New Zealand Dollar (NZD) pushed higher Monday extending last week’s run through to 0.9260 (1.0800) levels against the Australian Dollar (AUD). Optimism around the re-opening of China has fallen with China reporting its first deaths in over 6 months. This has impacted on risk and importantly Chinese industrial production and ultimately the Redback. The RBNZ are predicted to deliver a 75-point hike Wednesday taking the cash rate to 4.25%, it’s possible the recent rally in the kiwi is pricing in the move. This morning’s Trade Balance data came in light with imports at 8.27B and exports at 6.14B in October creating a shortfall of 2.1B. The good news is that Dairy continues to lead the way in exports with Milk Powder, Butter and Cheese up 34%. This time last week with prices around 0.9090, current levels represent good buying in AUD.

Current Level: 0.9225 (1.0830)
Resistance: 0.9345 (1.1000)
Support: 0.9090 (1.0700)
Last Weeks Range: 0.9088-0.9229 (1.0835-1.1003)

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