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NZD/USD Trades Steady, AUD/NZD Edges Higher After Testing Low

NZD
  • NZD/USD has started Friday trading in tight ranges, up 0.06%. The pair currently sits around the 0.6200 level off highs made during the European session on Thursday. Looking forward considering the strong recent performance up 1.24% over the past 5 days, a pull-back is a possibility. 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 cross is tracking higher, edging just back above 1.060 at one stage, however we are off those daily highs to now trade 1.0595 as the weaker NZ Q4 retail sales volume data could be seen as the catalyst, any further weakness could lead to testing Thursday highs of 1.0612 while a break above there would open a move back to 1.0650 the Feb 20 highs.
  • Earlier NZ Finance Minister spoke in Sydney, where she spoke about the NZ Economy where she cast doubt on returning a budget surplus in 2027, and that Higher interest rates are starting to hit with unemployment rising.
  • TD Securities was also out earlier with their view that RBNZ would raise the OCR 25bps next week to 5.75%, and to 6% in May.
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