With Australian Jobs data printing better than expected last week we see the chances of the RBA hiking at the July meeting better than 50/50 chance. This has put the Australian Dollar (AUD) back in the driver’s seat over the New Zealand Dollar (NZD) as it’s well supported on any dips. The cross reaching 0.9050 (1.1050) as I write and approaching the yearly low at 0.9020 (1.1090). All the momentum is with the AUD with predictions the RBA may hike at their next meeting in July and the RBNZ saying recently they were done with tightening policy. Through 0.9000 (1.1111) and this sends a strong signal we could see it drift further well into the 80’s. Clients needing to buy AUD should consider at current prices.
Current Level: 0.9047 (1.1043)
Resistance: 0.9160 (1.1090)
Support: 0.9015 (1.0920)
Last Weeks Range: 0.9049-0.9149 (1.0929-1.1050)