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AUD/NZD breaks key resistance and rises to 1-month high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - A stronger Australian dollar boosted AUD/NZD that broke decisively above 1.0700 and climbed to the highest level in a month.

    AUD/NZD challenging 1.0800

    The pair was moving between 1.0570 and 1.0700 since mid-December, holding near the lows of the fourth quarter. Today during the Asian session the aussie gained momentum after the release of the Australian employment report but gains were limited.

    On European hours the pair rose back above 1.0700 and broke the 1.0730 area that limited the upside on various occasions since the beginning of the year. It quickly jumped to 1.0799, reaching the highest level since December 10.

    Levels to watch

    AUD/NZD was trading at 1.0780, up more than a hundred pips, having the best performance since November. To the upside, immediate resistance is seen at 1.0800 (daily high) and above at 1.0860/70 (100 and 200-day moving average). On the opposite direction, support might now be seen at 1.0730 (previous resistance) and 1.0650 (20-day MA).
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