Aussie, Kiwi and Loonie are among largely traded commodity currencies. Aussie has positive correlation to Gold. Kiwi is highly affected by dairy prices while Loonie tags oil prices. With RBNZ and RBA paying 2.5% and 2% interest respectively, these are among high yield currencies.
RBNZ has rate statement coming this Thursday (1/28) and is expected to sound more dovish as the last meeting in Dec, Govenor Wheeler said further depreciation is appropriate. Furthermore, dairy prices have remain weak, with milk powder price have fallen more than than 5% since last meeting. Interest rate futures market, prices only 10% probability that RBNZ will cut rate this Thursday.
RBA has rate statement Tuesday next week (2/2), and is not expected to ease any further for now. Aussie should benefit from demand in Gold.
This pair has slightly above 200 pips weekly range and slightly below 100 daily range.