It’s not often you see the commodity cousins on opposite sides of the weekly FX ledger but the pair broke out to the highs of the year yesterday.
The pair retested the February high today and is consolidating, which is a wholly normal kind of retracement after a breakout.
AUDNZD daily
The calendar is busy for the Australian side of the ledger early next week with retail sales (Mon), the RBA (Tues) and trade balance (Wed) . The official China PMI is also due out tonight.
Weekly FX returns vs USD