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AUD/NZD denying the bear's efforts at 1.1300

FXStreet (Guatemala) - AUD/NZD is trading at 1.1090, up 0.04% on the day, having posted a daily high at 1.1102 and low at 1.1079.

AUD/NZD’s was firmly rejected at 1.13 at the start of this week but has since managed a rally back to test the 1.11 handle and closed the gap with plenty of conviction and the pair is likely to be supported by the RBA’s rhetoric and robustness on policy in comparison to that of a more dovish inflation outlook from the RBNZ. Adding to a stronger dollar outlook might be the possibility of a recovery in iron ore prices in coming months, and Sean Callow, Westpac Banking Corporation ABN explained that as such that this should draw buyers and he would be looking for a push to 1.14 during Q4.

AUD/NZD near term levels

Spot is presently trading at 1.1092, and next resistance can be seen at 1.1094 (Hourly 100 SMA), 1.1096 1.1102, 1.1114 (Daily 20 SMA) and 1.1115 (Daily Classic R1). Next support to the downside can be found at 1.1088, 1.1079,1.1076 (Hourly 20 EMA), 1.1068 (Daily Classic PP) and 1.1042.

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