The New Zealand Dollar (NZD) retreated to a June 2021 low of 0.9265 (1.0795) late Friday against the Australian Dollar (AUD) before moving back to 0.9345 (1.0700) in early Tuesday trading. Both currencies have been very well supported of late with commodities and risk products upside momentum- more so in the Aussie as the currency is more weighted commodity fluctuations. Recent trading within these late January ranges looks to continue. Governor Lowe speaks tomorrow at a financial summit tomorrow and could give further clues as to monetary policy tightening. Geopolitical tensions remain high in the Russian/Ukraine region and continue to affect the pair modestly, we expect a retest of 0.9370 (1.0670) as weakness in the Aussie develops.
Current Level: 0.9325 (1.0715)
Resistance: 0.9370 (1.0800)
Support: 0.9260 (1.0670)
Last Weeks Range: 0.9263-0.9340 (1.0706-1.0795)