- AUD is up for the fifth day in a row against the kiwi, a likely consolidation.
- The rebound found resistance at the 1.0725 area.
The AUD / NZD It rose again on Wednesday as it continues to rebound from the 1.0550 area. The rally encountered resistance at the 1.0725 zone, also the 21-day moving average.
Some consolidation below 1.0725 and immediate support at 1.0650 appears likely for the next few sessions. The 1.0620 area is again a support level to consider. After climbing for many days in a row, a hiatus in the Aussie seems likely. Still, the momentum favors the upside, and the RSI suggests that more gains are possible. A firm break above 1.0730 would point to further strength, targeting 1.0785.
On the other hand, critical support is around the recent low at 1.0550, close to an uptrend line. If it falls below, a downward acceleration towards 1.0500 initially and then the December low at 1.0416 seems likely.
Daily chart
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