Breaks through key resistance, looking at 1.1000

The Australian dollar soars after breaking the 1.0830 area, reaching its highest level since September against the kiwi. AUD / NZD bullish momentum will remain intact as long as it is above 1.0800, next target at 1.1000.

AUD / NZD is rising sharply on Tuesday after breaking the 1.0830 area, a strong barrier that triggered a rally to 1.0935, the highest since September 1. The crossing is having the best day in months.

Technical indicators are about to show overbought readings. The RSI is breaking the 70 level, but the momentum from the Aussie still favors more gains. There are no signs of correction or consolidation.

A reversal below 1.0830 would negate the bullish outlook, suggesting a possible correction to 1.0750 and a range of consolidation at lower levels.

On the upside, above 1.0930, the next resistance is at 1.0955 on the way to the 1.1000 target.

Daily chart

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