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- AUD/NZD Price Analysis: Correction likely to extend while under 1.1060
AUD/NZD Price Analysis: Correction likely to extend while under 1.1060
- Wild week for AUD/NZD with NZ employment and a rate hike in Australia.
- Cross about to end week with gains although far from the top.
- Correction could extend next strong support at 1.0970.
The AUD/NZD cross is about to post the highest weekly close since August 2018. The aussie peaked near 1.1200 and then pulled back. It is hovering around 1.1030/40. The close far from the top adds to some exhaustion signs, like the daily RSI turning to the downside.
The ongoing pullback could continue while the cross holds below 1.1060. A daily close above 1.1100 should increase the odds of another test of 1.1200.
The correction found support at 1.1015. A break lower should open the doors to more losses targeting 1.1000 first and below the next support at 1.0975. If AUD/NZD reaches 1.0975, a rebound seems likely, while a slide below could damage the outlook for the aussie.
On a long-term perspective, the 1.0750 area contains and uptrend line from November low and the 100-day Simple Moving Average.
After a volatile week, with employment data from New Zealand and a rate hike from the Reserve Bank of Australia, AUD/NZD is likely to calm, starting to move in smaller ranges.
AUD/NZD daily chart
Technical levels
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