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Analysts at Commerzbank explained that AUD/NZD’s rally off its May and June lows at 1.0657/50 has so far taken it to its current July high at 1.0995 before short-term consolidating.  

Key Quotes:

“The negative divergence on the daily RSI is also pointing to lower levels.

The area between the 200 day moving average and the late February high at 1.0864/42 may be revisited before the recent ascent continues.

Above the 1.0995 recent high the December and January peaks can be seen at 1.1074 as well as the September 2017 high at 1.1146 which represents our medium-term upside target.

Above it lies a strong band of resistance at 1.1297/1.1350.

Support below the 1.0864/42 area can be seen between the 55 day moving average at 1.0799 and the May 4 high at 1.0761.”