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AUD/NZD rises above 1.1000, at highest in 7 weeks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The aussie is rising for the fourth day in a row against the kiwi. The New Zealand dollar weakened today during the American session after another decline in dairy prices.

    AUD/NZD peaked today at 1.1030, the highest level since October 1 and then pulled back modestly. It was trading at 1.1005/10, gaining more than 70 pips on Tuesday.

    AUD/NZD technical levels

    The pair holds a bullish tone in the short term and so far is having the month since June. The rally today was capped near 1.1015/20 where the 50-day MA currently stands. A consolidation on top could open the doors for more gains.

    On the downside the key support might be seen between at the zone between 1.0870 and 1.0925 that was an important support during the July, August and September and it became resistance on November. Yesterday AUD/NZD broke above 1.0925 and today is consolidating significantly above.

    Any decline toward 1.0925 could be considered a correction, while if the price drops below 1.0850, the aussie could lose momentum and resumed the declines. To the upside, the next resistance might be seen at 1.1100 and 1.1175.
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