FXstreet.com (Barcelona) - With NZ markets today closed over holiday, the AUD/NZD has so far been capped below the 1.21 round mark, last at 1.2082, slightly in the positive from previous weekly close Friday. The cross is down -3.73% year to date, and -4.8% in last 6 months.

According to IFR Markets, as being reported in previous days, the cross has been developing a bottom, with now a “major low confirmed after price action supported bullish view on Friday,” they said. The analysts spot next resistance at the 50 day DMA and Feb low 1.2150, while holding their bullish view in the AUD/NZD while above the 1.1980/1.20 level.

Immediate resistance to the upside for AUD/NZD shows at recent session/May 14 highs 1.2100, followed by May 06 highs at 1.2110, and Feb 15 lows/May 08 highs at 1.2141/67.To the downside, closest support lies at current session/May 03 lows 1.2025, followed by May 10 lows at 1.1985, and May 16 lows at 1.1956.