For about a week now the Australian Dollar (AUD), New Zealand Dollar (NZD) cross has been pivoting around the 0.9000 (1.1100) zone in the wake of Mixed Aussie jobs data and falling NZ CPI. As we mentioned it’s becoming tough to get a read on the NZD/AUD and directions from here, certainly with the RBA considering hikes on August 6th we may see the cross trend much lower into the 89’s with pressure remaining to the downside. We see no tier one date on the economic docket this week suggesting we could see more of the same.
Current Level: 0.8999
Resistance: 0.9065
Support: 0.8970
Last Weeks Range: 0.8967 – 0.9047