AUD/NZD rises to two-month high after Australia’s Q4 GDP surprised markets. 200-day SMA guards immediate upside, five-week-old support line acts as strong support. AUD/NZD registers 0.13% gains to 1.0506 by the press time of Wednesday’s Asian session. The pair recently surged crossed 100-day SMA after Australia’s fourth quarter (Q4) GDP data beat expectations to the upside. Read: Breaking: Australia Q4 GDP beats estimates and supports AUD higher Even so, the pair’s further buying may wait for a sustained break of 38.2% Fibonacci retracement of its November 2019 to January 2020 fall, at 1.0517. Following that, the 200-day SMA level near 1.0540 becomes the key upside barrier holding gates for 1.0600 and 61.8% Fibonacci retracement level near 1.0660. On the downside, 1.0460 and 23.6% Fibonacci retracement near 1.0430 act as near-term key supports ahead of an upward sloping trend line since January 29, 2020, currently around 1.0400. In a case where the pair drops below 1.0400, 1.0300 and the yearly low near 1.0290 are likely to return to the charts. AUD/NZD daily chart Trend: Bullish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US two-year yield drops to lowest since July 2016 FX Street 3 years AUD/NZD rises to two-month high after Australia’s Q4 GDP surprised markets. 200-day SMA guards immediate upside, five-week-old support line acts as strong support. AUD/NZD registers 0.13% gains to 1.0506 by the press time of Wednesday’s Asian session. The pair recently surged crossed 100-day SMA after Australia’s fourth quarter (Q4) GDP data beat expectations to the upside. Read: Breaking: Australia Q4 GDP beats estimates and supports AUD higher Even so, the pair’s further buying may wait for a sustained break of 38.2% Fibonacci retracement of its November 2019 to January 2020 fall, at 1.0517. Following that, the 200-day SMA level near 1.0540… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
