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AUD/NZD hits 3-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A stronger Australian dollar boosted the AUD/NZD pair that jumped reaching the highest level in three months.

    The pair started to rise during the European session after breaking above 1.0930 and then extended the rally above last week highs. It peaked at 1.0985, the highest since December 04. Afterwards pulled back modestly and it was trading at 1.0970/75, up 65 pips from Friday’s closing price.

    AUD among the to performers

    The Aussie is rising across the board as AUD/USD traded at the highest level since July above 0.7450; gaining for the sixth day in a row. EUR/AUD dropped below 1.4700 and is down more than 600 pips from the level it had a week ago.

    Risk appetite and the recovery in commodity prices were favoring the Aussie on Monday.

    AUD/NZD levels to watch


    To the upside, immediate resistance might be seen at 1.0985 (daily high), 1.1000 (psychological) and 1.1045/50 (Dec high). On the opposite direction, support could be located at 1.0890 (March 4 & 7 low), 1.0785/90 (20-day MA) and 1.0720 (Feb 19 low).
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