6N vs 6A: Key Differences Between NZD and AUD Futures
6N (New Zealand Dollar) and 6A (Australian Dollar) futures look similar on the surface, but they don’t trade the same. NZD is smaller, more reactive, and more sensitive to risk sentiment. AUD is bigger, smoother, and tied to metals. If you treat them as identical, you’ll get blindsided.
The Contract Specs Are Similar — The Behavior Isn’t
Both contracts are priced against USD. Both use four decimals. Both have a $10 tick value. That’s where the similarity ends.
| Factor | 6N (NZD) | 6A (AUD) |
|---|---|---|
| Liquidity | Lower | Higher |
| Volatility | More spiky | More stable |
| Economic Base | Dairy + agriculture | Metals + mining |
| Risk Sensitivity | High | Moderate |
| Reaction to China | Strong | Very strong |
6A behaves like a slower version of NZD, but with more liquidity behind it. 6N reacts harder to macro shocks because New Zealand's economy is smaller and less diversified.
Why 6N Is More Volatile
NZD responds aggressively to:
- Dairy price changes
- Export demand shifts
- Chinese economic data
- Risk-on / risk-off sentiment
Smaller economy = bigger reactions. That’s why 6N candles snap harder than 6A during volatility spikes.
Why 6A Is More Stable
AUD is backed by a much larger resource sector, especially metals like iron ore and gold. Australia has deeper capital markets and more global investment exposure, which keeps AUD steadier during shocks.
6A may trend smoother, but it still hits hard when China releases big data.
Session Behavior Differences
Both contracts move during Asian hours, but not equally.
- 6N: Reacts instantly to NZ and AU data
- 6A: Reacts more to Australia and China data
- Both: Move again during U.S. session on USD releases
But 6A will almost always have tighter spreads and more consistent depth.
Which One Is “Better” to Trade?
There is no “better.” There’s only what fits your personality:
- Trade 6N if you want volatility and aren’t scared of sharper moves.
- Trade 6A if you want cleaner structure and more stable liquidity.
Both pair well with USD-strength plays, and both give clearer structure than spot FX.
Final Take
6N and 6A may look like cousins, but they trade differently. 6N is faster and more sensitive to global risk. 6A is deeper, smoother, and more metal-driven. If you want to understand 6N’s personality better, revisit 6N volatility patterns and the export-driven trend guide.