FX News

NZD/AUD Transfer

Sideways action continued in the New Zealand Dollar (NZD), Australian Dollar (AUD) cross this week ranging between 0.9260 (1.0800) and 0.9365 (1.0680). Yesterday’s RBA cash rate release softened the Aussie after the central bank kept rates on hold at 3.60% the news shifting the pair from 0.9285 (1.0770) to 0.9345 (1.0700) over the following hours. On the chart we see massive long term resistance at 0.9400 (1.0640), the pair having posted moves in the 0.94’s this year. Today’s RBNZ cash rate announcement should give the kiwi more upside bias when they are widely predicted to hike to 5.00% from 4.75%. Post RBNZ update- The RBNZ has raised rates a surprise 50 points to 5.25% sending the cross to 0.9400 style levels. The RBNZ citing inflationary pressures as their main reason.

Current Level: 0.9384 (1.0650)
Resistance: 0.9390 (1.0800)
Support: 0.9260 (1.0650)
Last Weeks Range: 0.9291-0.9372 (1.0670-1.0762)

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