AUD/NZD crosses 1.08 as the Kiwi slumps on a dovish RBNZ

• Aussie climbs as Kiwi tumbles, but both currencies are prone to suffering.
• Australian home loans figures could be an easy miss for the AUD, and send it back down.

The Aussie is still trading into recent highs against the Kiwi, and the AUD/NZD is trading just above the 1.0800 level heading into the end of the week.

The AUD/NZD soared early Thursday when the Reserve Bank of New Zealand (RBNZ) had an especially dovish rate call and subsequent showing from the RBNZ's Governor, Adrian Orr. The RBNZ is widely expected to stand pat on interest rates until well into 2019, with some forecasts expecting no action from the central bank until 2020. New Zealand's economy has hit a bit of a slump lately, and the RBNZ may have to make a rate cut if things don't begin to improve soon. Things aren't much better on the Australian side, but the Aussie has been staging quite the recovery against the Kiwi after falling for almost six months straight into April's low of 1.0488.

The Aussie sees Home Loans numbers at 01:30 GMT, expected to accelerate declines from the previous reading of -0.2% to -1.9%, and a miss for the indicator could force the AUD to reconsider its direction, but little else remains on the docket for the Antipodeans this week.

AUD/NZD levels to watch

The Aussie recovery against the Kiwi is bringing the pair closer to the 200-day SMA at 1.0875, with further resistance from January's swing highs at 1.1050. A breakdown for the AUD/NZD from here will see support from the 50.0 Fibo level at 1.0650 and April's low of 1.0488.