FX News

NZD/AUD Transfer:

Discouraging NZ Retail Sales sent the New Zealand lower Monday against the Australian Dollar (AUD) reversing earlier moves from last week’s 0.9185 (1.0885) to 0.9150 (1.0930). RBNZ’s Conway said the cash rate was expected to peak at 5.5% mid this year if spending is reigned in and consumption slows. We are yet to see a shift to the long-range bull trend, a fall through 0.9230 (1.0830) would certainly signal a momentum change. Price is forecast to retreat to 0.9025 (1.1080) especially if the iron ore price rally continues.

Current Level: 0.9151 (1.0921)
Resistance: 0.9190 (1.1020)
Support: 0.9075 (1.0880)
Last Weeks Range: 0.9019-0.9173 (1.0901-1.1087)

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