AUD/NZD Price Analysis: How high can it go?

Aussie strengthens ahead of the RBA meeting.
More gains seem likely if AUD/NZD breaks above 1.0730.

Matías Salord FXStreet

The AUD/NZD is rising on Monday, testing the 1.0730 resistance area. It has been trading at the highest level since July. The 1.0725/30 is the upper limit of the current range. The cross is moving sideways, consolidating after strong gains with an upside bias.

A break and a consolidation above 1.0730, would clear the way to more gains with the next target at 1.0800, which should limit the upside.

The bullish bias is likely to remain intact while above 1.0650. A daily close clear below 1.0650 should point to an extension on the downside, with the next strong barrier at 1.0570.

Volatility is likely to remain elevated considering the incoming Reserve Bank of Australia meeting and the fact that AUD/NZD is trading at key technical levels. Also, the RSI is about to reach 70, suggesting some exhaustion to the upside.

AUD/NZD daily chart

AUD/NZD

Overview
Today last price	1.0723
Today Daily Change	0.0033
Today Daily Change %	0.31
Today daily open	1.069

Trends
Daily SMA20	1.0641
Daily SMA50	1.0571
Daily SMA100	1.0499
Daily SMA200	1.0566

Levels
Previous Daily High	1.071
Previous Daily Low	1.0646
Previous Weekly High	1.0732
Previous Weekly Low	1.0626
Previous Monthly High	1.0651
Previous Monthly Low	1.0344
Daily Fibonacci 38.2%	1.0685
Daily Fibonacci 61.8%	1.067
Daily Pivot Point S1	1.0654
Daily Pivot Point S2	1.0618
Daily Pivot Point S3	1.059
Daily Pivot Point R1	1.0717
Daily Pivot Point R2	1.0745
Daily Pivot Point R3	1.0781

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.

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