However, by March 6, those global risk aversion fears eased and the rally in the Aussie and kiwi currencies toward the late April highs renewed in earnest. From March 6 through April 19, the Aussie dollar soared from a low of 0.7681 vs. the U.S. dollar to its 17-year record high level of 0.8395. Similarly, during the same time period, the New Zealand dollar zoomed from a low of 0.6721 to 0.7492, its highest level in 25 years.
At the end of April, however, both currencies shifted into a sideways, consolidative type of trade, as the bullish forces paused and overall trade slowed amid Japan and China’s so-called Golden Week holiday at the end of April/beginning of May (Figures 3 and 4).
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