NZD/AUD Transfer
The New Zealand Dollar (NZD) traded below the channel support late Friday against the Australian Dollar (AUD) with price breaking below 0.9285 (1.0770) to reach 0.9260 (1.0800) at the weekly close. Setbacks were well supported with the kiwi squeezing higher Monday to 0.9295 (1.0760). As trade talks between China and the US kick off today we could see further support develop for the AUD as its more risk sensitive compared to the NZD. With the RBA expected to drop the cash rate on the 7th of July approaching we could see the NZD carve out a long-term base in the 90’s.
Current Level: 0.9279
Resistance: 0.9300
Support: 0.9175
Last Weeks Range: 0.9265 – 0.9324
