Forex Flash: AUD/NZD range-bound on positive global outlook – Westpac (Barcelona) - “A positive global
 outlook for risk assets benefits both the AUD 
and NZD, leaving the 
cross broadly range-bound within 1.2400-1.2700 multi-week/
month. However,
Westpac’s call for the
 RBNZ to tighten
 policy this year
 argues for the
 eventual range-break 
to be lower, eyeing
1.2200.” notes FX Strategist Sean Callow at Westpac.

As such, the AUD/NZD has paid little attention to moving averages lately, though the tightening trading ranges have chartists drawing wedges. As ever trend lines can be drawn over various timeframes but many have noted 1.2470/90 as near term support and again around 1.2400/20. On the top side, 1.2670 should be trend line resistance while 1.2700 was very hard work in late December.

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