AUD/NZD Price Analysis: More gains seen over the medium-term after a weekly close above 1.0850

Aussie jumps versus kiwi to levels not seen since 2018.
Technical support further gains in AUD/NZD but many technical indicators show overbought readings.

Matías Salord FXStreet

The Aussie posted on Friday a weekly close above a key long-term resistance seen at 1.0850, opening the doors to further gains over the medium term versus the kiwi. The upside in AUD/NZD peaked so far above 1.1050, the highest level since September.

The recent move higher in the cross also broke a downtrend line, adding more strength to the aussie. The next resistance should be seen at 1.1080 and the medium-term target around the 1.1150 zone.

Thu bullish tone is likely to remain intact while above 1.0850 but five weeks of consecutive gains warn about some overbought conditions and potential corrections.

AUD/NZD weekly chart

AUD/NZD

Overview
Today last price	1.1017
Today Daily Change	0.0056
Today Daily Change %	0.51
Today daily open	1.0961

Trends
Daily SMA20	1.0789
Daily SMA50	1.0714
Daily SMA100	1.066
Daily SMA200	1.0539

Levels
Previous Daily High	1.0973
Previous Daily Low	1.0901
Previous Weekly High	1.0973
Previous Weekly Low	1.0807
Previous Monthly High	1.0802
Previous Monthly Low	1.0559
Daily Fibonacci 38.2%	1.0945
Daily Fibonacci 61.8%	1.0929
Daily Pivot Point S1	1.0918
Daily Pivot Point S2	1.0874
Daily Pivot Point S3	1.0846
Daily Pivot Point R1	1.0989
Daily Pivot Point R2	1.1017
Daily Pivot Point R3	1.106

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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