AUD/NZD Price Analysis: Back at the crucial 1.0850 area, will it be different this time?
|- AUD/NZD technicals point to further gains but it needs to show strength above 1.0850.
- A week with many events for AUD and NZD might keep volatility at a high level.
The AUD/NZD pair has been rising since mid-July and it reached 1.0860. It is back near a critical area but it has arrived somewhat tired. Still, a daily close above, would reinforce the aussie, opening the doors to more gains.
The area around 1.0850 capped the upside several times during 2019 and also in 2020. A significant close clearly above would clear the way for another leg higher over the medium term. The rally of AUD/NZD is challenging the mentioned area and also the upper limit of a short-term ascendant channel.
A failure to break 1.0850 would likely lead to a correction. The key support is seen at 1.0730, horizontal level and also the uptrend line from July lows.
AUD/NZD daily chart
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