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AUD/NZD climbs above 1.1050

FXStreet (Córdoba) - The aussie reached the strongest level since last Friday against the kiwi and holds some bullish momentum after breaking an important resistance.

AUD/NZD dropped to 1-week lows during the Asian session at 1.0984 but then rebounded quickly back above 1.1000. The pair gained momentum during the second half of the European session and broke above 1.1050/55.

The pair peaked at 1.1078, reaching the highest prices since Friday. Currently trades around 1.1055.

AUD/NZD technical outlook

After moving sideways during a week, around 1.1020/30, AUD/NZD has managed to break 1.1050/60, but so far unable to make a strong rally above. A consolidation on top of 1.1060 could improve the short term outlook for the aussie, while if it fails, the kiwi could recover ground.

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