The Australian Dollar (AUD), New Zealand Dollar (NZD) came into 2024 around 0.9275 (1.0780) after bouncing around this area for most of December. The cross reached 0.9235 (1.0830) before going on a run to 0.9345 (1.0700) at the close of last week. With talk of further expectations the RBNZ will cut interest rates earlier than later the kiwi dropped back towards 0.9295 (1.0760) this morning. Last week’s Aussie CPI y/y report confirmed a reasonable drop to 4.3% from 4.9%. It’s too early to say the RBA may cut rates earlier than planned but it’s a step in the right direction. Fundamentals suggest we could see prices in the pair fall back to retest support at 0.9260 (1.0800).
Current Level: 0.9303
Resistance: 0.9380
Support: 0.9140
Last Weeks Range: 0.9284 – 0.9347