AUD/NZD Price Analysis: Aussie at one-year highs, tests long-term horizontal resistance at 1.0850
- Aussie hits the highest level since November 2018 against Kiwi on the back of risk appetite.
- AUD/NZD testing long term resistance, confirmation above 1.0850 should lead to more gains.
The AUD/NZD pair is rising for the third day in a row on Tuesday and it spiked to 1.0879, the highest in more than a year, before pulling back under 1.0850.
The area around 1.0850 is a strong long-term resistance that capped the upside during 2019. In order to clear the way to more gains, AUD needs to consolidate above 1.0850. The next resistance areas are located at 1.0920 and 1.0985/90.
If AUD/NZD fails at 1.0850 a bearish correction seems likely. The bullish trend will remain intact as long as it maintains 1.0700.
AUD/NZD daily chart