- The Australian dollar continues to face resistance at 1.0950 against the kiwi.
- AUD / NZD bullish outlook intact, above 1.0950, next target at 1.1000.
The AUD / NZD it pulls back on Monday after failing to break through the 1.0950 area. It tested the multi-month high, but then fell back, reaching levels below 1.0900.
The kiwi is having the best day in a month against the aussie. The daily chart is starting to show some bearish signs like RSI and momentum to the south. Below 1.0880, the correction could pick up speed. Critical support is seen around 1.0850 / 60, which should favor a rebound. A close under would suggest more downsides ahead.
A breakout above 1.0950 / 55 in the AUD / NZD would clear the way for further gains targeting the 1.1000 zone. The positive dominant tone is likely to remain in place as long as it is above 1.0730.
Daily chart
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