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AUD/NZD is maintained bullish hourly support line

FXStreet (Guatemala) - AUD/NZD is trading at 1.1159, having posted a daily high at 1.1172 and low at 1.1154.

AUD/NZD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. AUD resilience is impressive and well supported on the bullish capex outcome. In relation to the bird, Annette Beacher and Prash Newnaha, FX Strategists at TDS explained that should the NZD weaken materially from here, just as another (business investment) construction upswing is underway, the goal of returning the cash rate to ‘neutral’ is unlikely to be sufficient to cap inflationary pressures. “This could explain why the RBNZ is actually reluctant to intervene, just in case it works too well."

AUD/NZD hourly levels

Spot is presently trading at 1.1160, and next resistance can be seen at 1.1162 (Hourly 20 EMA) and 1.1169 (YTD High). Support below can be found at 1.1153 (Hourly 100 SMA) and 1.1138 (Weekly Classic R1).

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