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AUD/NZD Technical Analysis: Capped again by critical resistance zone at 1.0700

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Updated:
  • The AUD/NZD back on August 5 started a rally from the intraday low at 1.0260; two days ago it reached 1.0706, the highest level since May. The rally was capped again by the 1.0700 zone, a strong resistance that is in place since mid-November.  
  • The bullish momentum eased over the last three days after being rejected from above 1.0700, but the bias still points to the upside. So far no signals of a correction are seen. Price could move in the 1.0625-1.0700 range over the next sessions.  
  • A daily close on top of 1.0700 would signal more gains ahead over the medium term.  

AUD/NZD Daily Chart

AUD/NZD

 

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