Central Bank divergence has had the biggest impact on the New Zealand Dollar (NZD), Australian Dollar (AUD) cross over the past while with the Aussie bids winning out in recent weeks. However, strangely enough last week’s central bank releases confirmed the RBA was pulling back on future hiking compared to the ongoing tightening cycle by the RBNZ which brought buyers of NZD back to the party. A sign that things were starting to change back to old school cash rate investor attractiveness over recent economic stability. We have no data to release this week, so we expect the cross to bounce around in the recent ranges between 0.8740 (1.1440) and 0.8890 (1.1250).
Current Level: 0.8847 (1.1294)
Resistance: 0.8930 (1.1500)
Support: 0.8700 (1.1200)
Last Weeks Range: 0.8738-0.8855 (1.1293-1.1443)