AUD/NZD rebounds off 16-day low

Omkar Godbole FXStreet Contributor

AUD/NZD recovered from the 16-day low 1.0858 as the uptick in the US stocks help stabilize AUD and other risk assets.

Dow fell for a fifth straight session yesterday, but the broader market staged a modest rebound as technology stocks strengthened. This, coupled with a recovery in copper prices helped AUD/USD recover from 0.7639 to 0.7662 levels.

In the meantime, Kiwi dropped to a low of 0.7016 after the RBNZ left interest rates unchanged and said monetary policy will remain accommodative for a considerable period”. The initial drop was quickly undone, although the pair failed to take out the psychological level of 0.7050.

Consequently, the AUD/NZD jumped to a high of 1.0906 in Asian before trimming gains to trade around 1.0890.

AUD/NZD Technical Levels

A break below 1.0874 (4-hour 100-MA) would expose support at 1.0858 (session low) and 1.08 (zero figure) - 1.0766 (4-hour chart support). On the other hand, a break above 1.0906 (session high + 4-hour 10-MA) could yield a rally to 1.0939 (4-hour 50-MA) and 1.0971 (resistance on 4-hour chart).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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