The New Zealand Dollar (NZD) reached a fresh 10 week high against the Australian Dollar (AUD) Monday clocking 0.9150 (1.0930) before giving back gains to 0.9110 (1.0980) this morning. What’s interesting is the cross is back in the same comfort zone it’s been since early October. Today’s RBA cash rate release holds focus with no change expected from 4.35%. We doubt we will see much excitement around the release with punters looking for clues in the statement for renewed optimism the central bank will be cutting early next year, 25 points is priced into the curve, but the timing will be key.
Current Level: 0.9088
Resistance: 0.9150
Support: 0.9020
Last Weeks Range: 0.9066 – 0.9140