The Australian Dollar (AUD) has reversed off resistance at 0.6010 (1.6640) at the end of the week slipping back into the bull channel seen over the past 8 weeks against the Euro (EUR). The uptick seen could however be limited to the 0.6135 (1.6300) zone as geopolitical tensions heat up in the Gaza Strip. Certainly, with a lack of meaningful data publishing in the pair global uncertainty could dominate.
Current Level: 0.6068
Resistance: 0.6150
Support: 0.5880
Last Weeks Range: 0.6009 – 0.6100
We were bang on with our predictions last week with movement in the British Pound (GBP), Australian Dollar (AUD) with price easing lower off 0.5250 (1.9050) to 0.5220 (1.9160) at the close of the week. Despite geopolitical news in the cross dampening the mood in markets the Aussie has ignored the brief shifting higher on a risk/equity rally to 0.5245 (1.9070) Tuesday. A move above 0.5250 (1.9050) would signal further upside. We think the likelihood is low with consideration of the geopolitical scene.
Current Level: 1.9080
Resistance: 1.9700
Support: 1.8900
Last Weeks Range: 1.8923 – 1.9221
We were bang on with our predictions last week with movement in the British Pound (GBP), Australian Dollar (AUD) with price easing lower off 0.5250 (1.9050) to 0.5220 (1.9160) at the close of the week. Despite geopolitical news in the cross dampening the mood in markets the Aussie has ignored the brief shifting higher on a risk/equity rally to 0.5245 (1.9070) Tuesday. A move above 0.5250 (1.9050) would signal further upside. We think the likelihood is low with consideration of the geopolitical scene.
Current Level: 0.5241
Support: 0.5075
Resistance: 0.5290
Last week’s range: 0.5202 – 0.5284
The New Zealand Dollar (NZD) has largely ignored global tensions developing in the Gaza strip. Monday’s risk markets held the power, the kiwi rallying to 0.5700 (1.7540) this morning from 0.5655 (1.7680) against the Euro (EUR) as US Equities closed up 0.6% in overnight trading. This equals a 12-week high in the cross. Upside moves this week are looking fairly exhausted extending to 0.5715 (1.7500) when considering offshore risks developing.
Current Level: 1.7543
Resistance: 1.8400
Support: 1.7390
Last Weeks Range: 1.7582 – 1.7821
The New Zealand Dollar (NZD) has largely ignored global tensions developing in the Gaza strip. Monday’s risk markets held the power, the kiwi rallying to 0.5700 (1.7540) this morning from 0.5655 (1.7680) against the Euro (EUR) as US Equities closed up 0.6% in overnight trading. This equals a 12-week high in the cross. Upside moves this week are looking fairly exhausted extending to 0.5715 (1.7500) when considering offshore risks developing.
Current Level: 0.5700
Support: 0.5750
Resistance: 0.5435
Last week’s range: 0.5611 – 0.5687
The New Zealand Dollar (NZD) has pushed past resistance at 0.4900 (2.0400) against the British Pound (GBP) Monday on its way to clock 0.4920 (2.0320) as we head into Tuesday trading. A move through 0.4935 (2.0270) could signal further support in the kiwi all the way to 2/1 (0.5000). With the British economy now slowing based on rising interest rates having an effect on the economy, employment is expected to also rise thus we see further hikes from the Bank of England unlikely. With predicted rises in NZ inflation this has opened the door for another RBNZ hike and upside for the NZD.
Current Level: 2.0308
Resistance: 2.1390
Support: 2.000
Last Weeks Range: 2.0287- 2.0583
The New Zealand Dollar (NZD) has pushed past resistance at 0.4900 (2.0400) against the British Pound (GBP) Monday on its way to clock 0.4920 (2.0320) as we head into Tuesday trading. A move through 0.4935 (2.0270) could signal further support in the kiwi all the way to 2/1 (0.5000). With the British economy now slowing based on rising interest rates having an effect on the economy, employment is expected to also rise thus we see further hikes from the Bank of England unlikely. With predicted rises in NZ inflation this has opened the door for another RBNZ hike and upside for the NZD.
Current Level: 0.4924
Resistance: 0.5000
Support: 0.4675
Last Weeks Range: 0.4858 – 0.4930
The New Zealand Dollar (NZD), Australian Dollar (AUD) extended moves Monday reaching 0.9410 (1.0625) before easing back to 0.9395 (1.0640) into Tuesday. The kiwi continues to be well supported as the “carry trade” wins out, the NZD a more attractive buy based on cash rate return. This week’s data releases is slim pickings with only Australian Business Confidence publishing. A retest of resistance seen at 0.9460 looks a chance depending on next week’s key employment and CPI publishing.
Current Level: 1.0642
Resistance: 1.0900
Support: 1.0554
Last Weeks Range: 1.0648 – 1.0742
The New Zealand Dollar (NZD), Australian Dollar (AUD) extended moves Monday reaching 0.9410 (1.0625) before easing back to 0.9395 (1.0640) into Tuesday. The kiwi continues to be well supported as the “carry trade” wins out, the NZD a more attractive buy based on cash rate return. This week’s data releases is slim pickings with only Australian Business Confidence publishing. A retest of resistance seen at 0.9460 looks a chance depending on next week’s key employment and CPI publishing.
Current Level: 0.9391
Resistance: 0.9475
Support: 0.9175
Last Weeks Range: 0.9309 – 0.9391
Rallying equity prices boosted the New Zealand Dollar (NZD) Monday in the face of Geopolitical tensions developing in Israel. The kiwi pushed above pivotal 0.6000 early this morning against the US Dollar (USD) clocking 0.6025 as I write. If we get a daily close above this area this will be the first time since early August offering further momentum to the topside. Later in the week however if the situation in Israel worsens we could see offsetting losses develop. Buying USD over 0.6000 looks decent buying right now all things considered. US CPI y/y prints Friday the main news for the week, expectations are for a small drop to 3.6%, perhaps not enough for the Fed to leave rates on hold at their November 2 meeting.
Current Level: 0.6031
Resistance: 0.6200
Support: 0.5850
Last Weeks Range: 0.5871 – 0.6006