AUD/NZD Price Analysis: Strongly bid above 1.0700 as RBNZ Orr, Bascand speak dovish

AUD/NZD registers heaviest gains in five weeks.
RBNZ’s Orr shows readiness to do whatever it takes, Bascand signaled negative rates.
April top holds the gate for further run-up towards November 2019 high.

Anil Panchal FXStreet

AUD/NZD extends RBNZ-led gains to 1.0753, up 0.95% on a day, after Governor Adrian Orr and policymaker Bascand struck dovish tone during early Wednesday.

Read: RBNZ’s Orr: Monetary Policy Committee is prepared to do whatever it takes

While the event based upside is likely to remain on the cards, buyers will look for a daily closing beyond April month high of 1.0754 to aim for November 2019 top close to 1.0880.

Also Read: RBNZ's Bascand: Asked banks to be ready by end of year for negative rates

It should also be noted that the sellers are less likely to enter unless the quote drops below 21-day SMA level of 1.0625.

In doing so, a confluence of 200-day SMA and 61.8% Fibonacci retracement level of November 2019 to March 2020 fall, around 1.0530/15, will be the key to watch.

AUD/NZD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.0733
Today Daily Change	86 pips
Today Daily Change %	0.81%
Today daily open	1.0647

Trends
Daily SMA20	1.0621
Daily SMA50	1.0424
Daily SMA100	1.0416
Daily SMA200	1.0527

Levels
Previous Daily High	1.0687
Previous Daily Low	1.0615
Previous Weekly High	1.07
Previous Weekly Low	1.0577
Previous Monthly High	1.0753
Previous Monthly Low	1.0151
Daily Fibonacci 38.2%	1.0643
Daily Fibonacci 61.8%	1.0659
Daily Pivot Point S1	1.0612
Daily Pivot Point S2	1.0578
Daily Pivot Point S3	1.054
Daily Pivot Point R1	1.0684
Daily Pivot Point R2	1.0722
Daily Pivot Point R3	1.0756

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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