- Wild week for AUD/NZD with NZ employment and a rate hike in Australia.
- Cross about to end week with gains although far from the top.
- Correction could extend next strong support at 1.0970.
The AUD/NZD cross is about to post the highest weekly close since August 2018. The aussie peaked near 1.1200 and then pulled back. It is hovering around 1.1030/40. The close far from the top adds to some exhaustion signs, like the daily RSI turning to the downside.
The ongoing pullback could continue while the cross holds below 1.1060. A daily close above 1.1100 should increase the odds of another test of 1.1200.
The correction found support at 1.1015. A break lower should open the doors to more losses targeting 1.1000 first and below the next support at 1.0975. If AUD/NZD reaches 1.0975, a rebound seems likely, while a slide below could damage the outlook for the aussie.
On a long-term perspective, the 1.0750 area contains and uptrend line from November low and the 100-day Simple Moving Average.
After a volatile week, with employment data from New Zealand and a rate hike from the Reserve Bank of Australia, AUD/NZD is likely to calm, starting to move in smaller ranges.
AUD/NZD daily chart
|Today last price||1.1037|
|Today Daily Change||-0.0023|
|Today Daily Change %||-0.21|
|Today daily open||1.106|
|Previous Daily High||1.1128|
|Previous Daily Low||1.1039|
|Previous Weekly High||1.0994|
|Previous Weekly Low||1.0819|
|Previous Monthly High||1.1|
|Previous Monthly Low||1.0762|
|Daily Fibonacci 38.2%||1.1073|
|Daily Fibonacci 61.8%||1.1094|
|Daily Pivot Point S1||1.1024|
|Daily Pivot Point S2||1.0987|
|Daily Pivot Point S3||1.0934|
|Daily Pivot Point R1||1.1113|
|Daily Pivot Point R2||1.1165|
|Daily Pivot Point R3||1.1202|
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