Both central banks- the RBA and RBNZ will announce cash rates along with statements this week, both expected to widely keep rates on hold at 4.10 and 5.50% respectively. The New Zealand Dollar (NZD) has pushed up on the Australian Dollar (AUD) over the last 10 days, clearing resistance at 0.9320 (1.0730) to reach 0.9350 (1.0695) early today, a fresh high not seen since earlier in May this year. On the chart it’s thin air all the way to 0.9460 (1.0570), unless the Aussie gets a boost from somewhere this week we might continue to see more weakness in the currency.
Current Level: 0.9331
Resistance: 0.9480
Support: 0.9175
Last Weeks Range: 0.9246 – 0.9331