- Aussie continues to face resistance at 1.0950 versus the Kiwi.
- AUD/NZD bullish outlook intact, above 1.0950 next target at 1.1000.
The AUD/NZD is pulling back on Monday after being unable to break the 1.0950 area. It tested the multi-month high but then retreated, reaching levels under 1.0900.
The kiwi is having the best day in a month versus the aussie. The daily chart is starting to show some bearish signs like the RSI and momentum turning south. Below 1.0880, the correction could gain speed. A critical support is seen around 1.0850/60, which should favor a rebound. A close below would suggest more downside ahead.
A break above 1.0950/55 in AUD/NZD would clear the way to more gains targeting the 1.1000 zone. The positive dominant tone is likely to remain in place while above 1.0730.
AUD/NZD daily chart