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  • Australian dollar keeps outperforming the New Zealand dollar.
  • AUD/NZD head for highest weekly close since August 2019.

The rally of the AUD/NZD pair broke above 1.0800 and rose to 1.0819. As long as it maintains 1.0800, a test of 2019 tops at 1.0850/80 is on the cards.

The 1.0880 area could limit the upside and favour a pullback to 1.0650, while a consolidation above should clear the way to more gains.

Technical indicators show some extreme overbought reading but like the RSI it is still pointing to the upside, with no sign of a correction.

AUD/NZD weekly chart

audnzd