NZD Continues Winning Streak, AUD/NZD Makes Fresh New Lows

NZD has had a stellar run over the past week, benefitting from the PBoC cut to the LPR and the risk on moves in the equity market, to trade up 0.35% for the day and 1.29% over the past week. Post the US session on Thursday, the pair traded above resistance of 0.6200. The BBDXY is flat for the day.

• NZD/USD traded higher post the Asia session on Thursday, reaching new highs last seen back Jan 15 of 0.6218 before pulling back to close the day at 0.6202. Looking forward considering the strong recent performance a pull-back could occur, levels to watch 0.6173 highs from Jan 31, and below there 0.6150/60 (highs from Jan 9/Jan 2) would present good buying opportunities, while to the upside initial resistance sits at 0.6260 the Jan 11 Highs.
• AUDNZD continues to make new yearly lows, pushing lower all throughout the Thursday session, closing at 1.0578 and down 0.81% over the past week. The pair hit levels not seen since May 23, and a break belong those lows of 1.0560 opens the potential to test the lows from Dec 2022 at 1.0474. A pullback after recent performance wouldn't be unexcepted, so level to watch to the upside 1.0612 highs from Feb 22, above there 1.0650 Feb 20 highs.
• NZ Retail sales have just been released coming in at -1.9% vs -0.2% expected, there has been some weakness in the NZD in response mostly against the AUD trading to 1.0585 from 1.075 prior to announcement.