AUD/NZD Price Analysis: Aussie rises back above 20-DMA, likely to take a pause after recent rally
- AUD/NZD bias now is to the upside in the short-term.
- After the significant rally, some consolidation ahead seems likely.
The AUD/NZD pair is rising sharply for the second day in a row. In the rally broke key short-term technical levels. It climbed back above the 20-day moving average suggestion it could have based.
The cross might have based around 1.0555/60, at least in the short-term if it holds above 1.0650. If AUD/NZD drops back below, attention would turn to 1.0530/35, where the 100 and 200-day moving averages are seen.
On the upside, the next strong resistance area is seen at 1.0680 (horizontal level and 55-day moving average). A break higher would target 1.0720, where a downtrend line is seen.
AUD/NZD daily chart
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Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
