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- AUD/NZD Price Analysis: Next target above 1.0800
AUD/NZD Price Analysis: Next target above 1.0800
- The aussie holds a bullish bias virus the kiwi.
- The next target of AUD/NZD is seen at 1.0810 (May and June highs).
- Slide under 1.0650 to weaken the cross.
The AUD/NZD is rising modestly on Tuesday, as it continues to approach last week highs. The cross rebounded at the 20-day simple moving average an also before the 1.0650 critical support.
The main trend continues to point to the upside and no clear signs of a correction or a consolidation are seen at the moment. A firm break above 1.0750 would continue to keep the aussie on track for its next target at 1.0810. A break above 1.0820 on a daily close basis should point to more gains. If the cross fails to break soon above 1.0750, a correction seems likely.
On the flip side the firs support stands at the 20-day SMA at 1.0675. Below comes the 1.0645/50 zone, a close below should put the aussie under pressure and favor a decline under 1.0600. The next support stands a t 1.0570.
AUD/NZD daily chart
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