- AUD/NZD rebounds in line with the dominant trend but the recent top seems far away.
- Risk events ahead: RBA decision and Australian PMI on Tuesday.
The AUD/NZD pair rose on Monday after falling during three consecutive days. The main trend still points to the upside. The bullish outlook in the daily chart is likely to remain in place as long as it maintains 1.0500/20.
On the upside, AUD/NZD needs to rise back above 1.0650 to gain momentum; immediate resistance is seen at 1.0670. Last week top at 1.0750 is out of the radar for the moment.
Friday’s weekly close in the pair signals exhaustion to the upside, favoring some correction or consolidation ahead. A weekly close above 1.0700 would clear the way to more gains.