AUD/NZD outlook: Aussie surges almost 1% vs Kiwi Dollar after release of Australia's inflation report

Slobodan Drvenica Windsor Brokers

AUD/NZD

Australian dollar surged 0.9% vs Kiwi dollar in Wednesday’s morning, lifted by fresh hawkish signals that the RBA may opt for a rate hike next month, after Australia’s inflation rose above expectations and hit new multi-month high in May.

A full-figure rise broke through three Fibo barriers (38.2%; 50% and 61.8% retracement of 1.1030/1.0732 downtrend) and pressuring the top of daily cloud (1.0943).

Breach of narrowing cloud top to expose targets at 1.0959 (Fibo 76.4%) and 1.10 (psychological; Fibo 100% expansion of the current third wave of five-wave cycle from 1.0732 higher base).

Daily technical indicators are in full bullish setup but about to enter overbought territory, which may slow bulls for consolidation / limited correction.

Supports at 1.0916/1.0890 zone should contain dips and keep larger bulls intact.

Res: 1.0959; 1.1000; 1.1.1030; 1.1062.
Sup: 1.0916; 1.0890; 1.0846; 1.0825.

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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