AUD/NZD Price Analysis: Rebound hits resistance at 1.0720, consolidation ahead likely
|- Aussie gains for the fifth day in a row versus the Kiwi, consolidation likely.
- The rebound found resistance at the 1.0725 zone.
The AUD/NZD is up again on Wednesday as it continues to recover from the 1.0550 area. The rally found resistance at the 1.0725 zone, also the 21-day moving average.
Some consolidation below 1.0725 and with immediate support at 1.0650 seems likely over the next sessions. The 1.0620 area is again a support level to consider. After rising during many consecutive days, a pause in the Aussie seems likely. Still, momentum favors the upside, and the RSI suggest more gains are possible. A firm break above 1.0730 would point to further strength, targeting 1.0785.
On the flip side, the critical support stands around the recent low at 1.0550, near an uptrend line. If it drops below, a bearish acceleration seems likely toward 1.0500 initially and then the December low at 1.0416.
AUD/NZD daily chart
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