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AUD/NZD Continues to Rally

AUD/NZD Continues to Rally

Thomas Long, Course Instructor

This daily chart of the AUD/NZD shows the difference in opinion about the Australian and New Zealand economies. While both countries have recently experienced tragic natural disasters that could result in a slowing economy, Australia has played down talk of another rate hike as New Zealand appears ready to at least talk about a rate cut. Since higher interest rates usually lead to a higher currency value and lower interest rates usually lead to a lower currency value, we see the AUD rallying and the NZD falling. The result is a new 18-year high for the AUD/NZD. I would continue to look for buys as long as the pair remains above the 1.31893 low noted on the chart.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.