The NZD has been under pressure but has managed to post gains on the AUD, as the commodity dependent currency has suffered even more severely, from international demand and supply issues. Falling demand from a recessionary Europe has impacted Australian commodity demand directly, and indirectly, through flow on from flagging industrial production in China. The cross rate NZD/AUD, has rallied to back above 0.9300, but this is likely to range trade between 0.9200 and 0.9400.
Current Level: 0.9250
Resistance: 0.9350
Support: 0.9230
Last Weeks Range: 0.9230 – 0.9350