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AUD/NZD upside space has room for all

FXStreet (Guatemala) - AUD/NZD is trading at 1.1075, down -0.12% on the day, having posted a daily high at 1.1093 and low at 1.1068.

The NZD is in a 2 year trend line, with a strong trend to the downside and aided further by the RBNZ talking about the overvaluation of the bird yesterday. Looking across to the AUD/NZD, the pair has bounced from a strong support zone, back by a number of technical positions across the daily and monthly chart. With an undervalued AUD vs the NZD and without expecting more potential from the RBNZ to hike, the upside has a lot of air space yet to be filled and 1.11 the figure is holding the bulls off for the time being.

AUD/NZD note worthy levels

With spot trading at 1.1076, we can see next resistance ahead at 1.1088 (Daily Classic R3), 1.1093, 1.1106 and 1.1144 (Weekly Classic R2). Support below can be found at 1.1072 (Hourly 20 EMA),1.1064 (Weekly Classic R1), 1.1059 (Daily 20 SMA) and 1.1049 (Daily Classic R2).

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