The New Zealand Dollar (NZD) has continued to track higher to 0.9400 (1.0640) style levels against the Australian Dollar (AUD) into Friday. It’s been met with heavy resistance at the 0.9430 (1.0600) area on the chart the high of December 2022. A nudge through here would set up an argument for a retest to 0.9540 (1.0480) carrying on the bull run from 0.9150 (1.0930). The technical indicators are supportive of such a move, especially if the Aussie is held back by softening metal prices and fragile Chinese data. Looking ahead we have Australian Dollar employment data next week.
The current interbank midrate is: NZDAUD 0.9394 AUDNZD 1.0637
The interbank range this week has been: NZDAUD 0.9313- 0.9432 AUDNZD 1.0602- 1.0737