AUD/NZD Price Analysis: Strongly bid above 1.0700 as RBNZ Orr, Bascand speak dovish
|- AUD/NZD registers heaviest gains in five weeks.
- RBNZ’s Orr shows readiness to do whatever it takes, Bascand signaled negative rates.
- April top holds the gate for further run-up towards November 2019 high.
AUD/NZD extends RBNZ-led gains to 1.0753, up 0.95% on a day, after Governor Adrian Orr and policymaker Bascand struck dovish tone during early Wednesday.
Read: RBNZ’s Orr: Monetary Policy Committee is prepared to do whatever it takes
While the event based upside is likely to remain on the cards, buyers will look for a daily closing beyond April month high of 1.0754 to aim for November 2019 top close to 1.0880.
Also Read: RBNZ's Bascand: Asked banks to be ready by end of year for negative rates
It should also be noted that the sellers are less likely to enter unless the quote drops below 21-day SMA level of 1.0625.
In doing so, a confluence of 200-day SMA and 61.8% Fibonacci retracement level of November 2019 to March 2020 fall, around 1.0530/15, will be the key to watch.
AUD/NZD daily chart
Trend: Bullish
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