AUD/NZD Price Analysis: Breaks key resistance, eyes 1.1000
|- Aussie soars after breaking the 1.0830 zone, hits highest since September versus Kiwi.
- AUD/NZD bullish momentum to remain intact while above 1.0800, next target at 1.1000.
The AUD/NZD is rising sharply on Tuesday after breaking the 1.0830 area, a strong barrier that triggered a rally to 1.0935, the highest since September 1. The cross is having the best day in months.
Technical indicators are about to show overbought readings. The RSI is breaking the 70 level but the momentum for the aussie still favors more gains. No signs of a correction or consolidation are seen.
A reversal below 1.0830 would negate the bullish outlook, suggesting a possible correction to 1.0750 and a consolidation range at lower levels.
On the upside, above 1.0930, the next resistance stands at 1.0955 on the way to the 1.1000 target.
AUD/NZD daily chart
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