RBA later today will be about the tone and not the release with the cash rate widely expected to remain unchanged at 4.10% for now. The New Zealand Dollar (NZD) recovered losses late in the week to 0.9225 (1.0840) but hasn’t been able to hold here falling away into Tuesday to 0.9190 (1.0880) as markets position for RBA. With price below multiple moving averages we expect the NZD/AUD momentum to edge lower into the weekly close.
Current Level: 0.9192
Resistance: 0.9300
Support: 0.9150
Last Weeks Range: 0.9178 – 0.9231