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AUD/NZD: Key break above 1.12, mid term bull trend shaping up?

FXStreet (Bali) - AUD/NZD keeps posting fresh new year highs, with Wednesday's 70 pips appreciation being the largest daily gain since July 24.

The transition from a multi-year downtrend to what seems to be a mid-term bull trend developing, was reinforced on Wednesday, following the break of 1.12, with some reports suggesting that some long-held short from macro accounts were taken out of the market.

Technically, any short term setbacks see 1.12 as first support ahead of further cluster of bids expected at 1.1190 down to 1.1165, while on the upside, next target is spotted at 1.1250. The pair should see some significant increase in volatility in the coming hours on Australian retail sales and trade balance.

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