FX News

NZD/AUD Transfer:

The Australian Dollar (AUD) extended gains Monday against the New Zealand Dollar (NZD) reaching 1.0800 (0.9260) as it targets the monthly high of 1.0835 (0.9230). Clearly the recent RBNZ stance to halt further hiking has had a detrimental effect on the currency putting it under severe pressure. Australian CPI for the month of April prints tomorrow on the docket, we expect this to be around 6.4% slightly higher than the March release. With price moving through the 100-day moving average this morning we could see more upside develop in the Aussie. However, the NZD carry trade still needs to be considered.

Current Level: 0.9256 (1.0800)
Resistance: 0.9470 (1.0900)
Support: 0.9174 (1.0560)
Last Weeks Range: 0.9273-0.9471 (1.0558-1.0783)

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