The Australian dollar has been suffering against the greenback of late. But what about its trade against the New Zealand dollar?
Here is their view, courtesy of eFXnews:
NAB Research discusses AUD/NZD medium-term outlook and expects its 1.04-1.11 long-term range to hold in the medium-to-long term.
“Since 2014, the cross has traded within a 1.04-1.11 range for over 80% of the time.When we look at fundamental forces, we see this range remaining in play for the foreseeable future.
Support is likely to build if the cross continues to drift lower. Trading in the expectation that the cross will be largely confined to a 1.04-1.11 range has proven to be a profitable strategy over recent years and hedging strategies for exporters and importers can continue to take advantage of this,” NAB argues.