- The AUD/NZD saw firm gains on the week, Aussie gains nearly 1.3% from Monday opening bell.
- Kiwi drastically underperforms its closest neighbor, gives up most of its gains from September's late jump.
- Aussie touched a fresh one-month high ahead of Friday's market close.
The AUD/NZD finished up a strong trading week with the Aussie (AUD) gaining against the Kiwi (NZD) in its best single-week performance since early July, closing the Friday up over 1.25% from Monday's opening bids.
It's been a thin week on the economic calendar for both the Aussie and the Kiwi, with New Zealand Trade Balance revealing little change in the balance of NZ export/import figures, and Australian labor data coming in mixed on Thursday with a worse-than-expected jobs report showing only 6.7K jobs were added in September compared to the 20K forecast, and stumbling far from the 63.3K August report (revised from 64.9). On the plus side, the Australian Unemployment Rate improved from 3.7% to 3.6%.
New Zealand markets will be dark on Monday for the Labor Day extended weekend, leaving AUD/NZD traders to contemplate the early week's October S&P Global Purchasing Manager Index (PMI) figures for Australia. The Aussie PMI figures last came in mixed for September, with the composite reading printing at 51.5. The Manufacturing component for September declined to 48.7, while the services side showed a barely-positive 51.8.
AUD/NZD Technical Outlook
The Aussie's aggressive rise against the Kiwi this week sees the AUD/NZD eating away a majority of September and early October's losses, but bullish momentum is set to return to consolidation as the pair closes out Friday action tangling with the 200-day Simple Moving Average (SMA), and AUD/NZD traders will enter Monday markets looking at familiar consolidation for the pair.
The 1.0800 major handle represents a significant cycling point for the AUD/NZD, and the trick for Aussie bulls will be to push the pair just a little bit further into the 1.0900 handle, while the downside remains open for Kiwi bidders to take the pair back into the last swing low near 1.0650.
AUD/NZD Daily Chart
AUD/NZD Technical Level
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats from daily highs, holds above 1.0800
EUR/USD loses traction but holds above 1.0800 after touching its highest level in three weeks above 1.0840. Nonfarm Payrolls in the US rose more than expected in June but downward revisions to May and April don't allow the USD to gather strength.
GBP/USD struggles to hold above 1.2800 after US jobs data
GBP/USD spiked above 1.2800 with the immediate reaction to the mixed US jobs report but retreated below this level. Nonfarm Payrolls in the US rose 206,000 in June. The Unemployment Rate ticked up to 4.1% and annual wage inflation declined to 3.9%.
Gold approaches $2,380 on robust NFP data
Gold intensifies the bullish stance for the day, rising to the vicinity of the $2,380 region following the publication of the US labour market report for the month of June. The benchmark 10-year US Treasury bond yield stays deep in the red near 4.3%, helping XAU/USD push higher.
Crypto Today: Bitcoin, Ethereum and Ripple lose key support levels, extend declines on Friday
Crypto market lost nearly 6% in market capitalization, down to $2.121 trillion. Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) erased recent gains from 2024.
French Elections Preview: Euro to “sell the fact” on a hung parliament scenario Premium
Investors expect Frances's second round of parliamentary elections to end with a hung parliament. Keeping extremists out of power is priced in and could result in profit-taking on Euro gains.