AUD/NZD reverses sharply and hits 1-week highs

FXStreet (Córdoba) – AUD/NZD rose sharply on Friday and erased weekly losses, hitting during the American session at 1.0785, the strongest level since last Thursday.

A rally on a weak NZD

The kiwi started to decline sharply in the market on Thursday and extended losses on Friday amid speculation about the possibility of a rate cut by the Reserve Bank of New Zealand.

AUD/NZD bottomed on Thursday at 1.0575 and then rebounded back above 1.0600. On Friday resumen the upside during the Asian session, after breaking key short term resistance levels.

The pair is about to end the week trading at 1.0760/70, 65 pips above the level it had a week ago and almost 200 pips away from yesterday’s lows.

AUD/NZD rose sharply on Friday and erased weekly losses, hitting during the American session at 1.0785, the strongest level since last Thursday.


(Market News Provided by FXstreet)