Since 17 Dec 2020, prices on kiwi have been ranging inside this zone.
Out of 103 days, 22 only where printing prices out of the range. That means 80% of prices within 260bps price range.
Why ? The mass of people investing, hedging, etc. is finding this price to be a great price to exchange. I think we are between : 1. high beta / commo currencies / reopening trade 2. fundamentals in Australia / New Zeland not so good.
Let the mass show you the way, don't place yourself in the middle of the battle, let time show you which of the two armies won and go with the winner.