AUD/NZD: The Australian dollar is trading lower against the New Zealand dollar
Highlight: The AUD/NZD wobbled on Wednesday, drifting off a near-term high just below 1.0830 and sinking back to familiar near-term lows near 1.0770, before briefly testing 1.0760 in early Thursday trading. The Antipodean pair has been marked for congestion throughout 2023 after a drastic correction from a 2022 high of 1.1490, falling nearly 9% to […]
Highlight:
- The AUD/NZD briefly dropped below the 1.0770 level in early Thursday trading.
- Long-term congestion around the 200-day SMA continues below 1.0800.
- 2024 begins with continued sideways action between familiar highs and lows.
The AUD/NZD wobbled on Wednesday, drifting off a near-term high just below 1.0830 and sinking back to familiar near-term lows near 1.0770, before briefly testing 1.0760 in early Thursday trading.
The Antipodean pair has been marked for congestion throughout 2023 after a drastic correction from a 2022 high of 1.1490, falling nearly 9% to a December 2022 low of 1.0470. Since then, the AUD/NZD has been caught in a long-term consolidation, cycling around the 1.0800 handle as the 200-day simple moving average (SMA) treads water in the familiar price range.
The table below shows the Australian dollar’s (AUD) percentage change against its major currency counterparts during the week. The Australian Dollar was strongest against the Japanese Yen.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 1.21% | 0.51% | 0.76% | 1.22% | 1.50% | 1.12% | 0.97% | |
| EUR | -1.07% | -0.54% | -0.31% | 0.17% | 0.29% | 0.06% | -0.15% | |
| GBP | -0.53% | 0.54% | 0.26% | 0.71% | 1.07% | 0.61% | 0.39% | |
| CAD | -0.76% | 0.28% | -0.07% | 0.44% | 0.74% | 0.34% | 0.16% | |
| AUD | -1.24% | -0.18% | -0.71% | -0.48% | 0.11% | -0.10% | -0.30% | |
| JPY | -1.50% | -0.26% | -0.93% | -0.53% | -0.09% | -0.21% | -0.59% | |
| NZD | -1.13% | -0.06% | -0.63% | -0.36% | 0.11% | 0.20% | -0.20% | |
| CHF | -0.92% | 0.15% | -0.39% | -0.13% | 0.33% | 0.57% | 0.23% |
