- The Australian dollar remains bullish against the kiwi, facing resistance at 1.0630.
- Further gains for the AUD / NZD appear likely as long as it is above 1.0610.
- The correction could extend to 1.0535, slightly above the 20-day moving average.
The AUD / NZD it is rising on Monday, testing the 1.0630 zone from the recent high. A breakout to the upside should clear the way for more gains, targeting 1.0650. The strong nest resistance sits slightly below 1.0700.
The daily RSI is near the 70 level, suggesting possible exhaustion and momentum is moving lower. These indicators suggest that the movements between 1.0555 and 1.0630 could continue in the short term.
From the current level, a correction to the 1.0535 / 40 area, a horizontal level and also the 20-day moving average seems possible without affecting the positive outlook for the Aussie.
Earlier in the month, it broke a downtrend line. Now the key moving averages are heading north. A firm decline below 1.0500 could negate the bullish bias in AUD / NZD.
Daily chart
Technical levels
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