- Aussie rises back to test resistance versus Kiwi, looks for further gains.
- Data ahead: Australian flash PMI for April and March trade balance.
The AUD/NZD pair is rebounding from the 1.0500 area and approached last week highs above 1.0600 as the aussie recovered the bullish tone.
Key moving averages in the daily chart point north. The warning comes from the RSI that is about to hit 70. If AUD/NZD manages to close above 1.0600 more gains seem likely, probably targeting 1.0650. Above the next resistance stands at 1.0695, followed by 1.0715.
The area around 1.0545 is the immediate support, followed by the 1.0480/1.0500 band. As long as it keeps the 1.0400 zone (convergence of key moving averages and a trendline) the constructive outlook will remain in place.
AUD/NZD daily chart
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