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AUD/NZD stages solid comeback from 4-month lows

FXStreet (Mumbai) - The Australian dollar remains better bid versus its OZ counterpart in the early moves, extending post-RBA gains and heads towards 1.10 barrier.

AUD/NZD boosted on RBA

Currently, the AUD/NZD pair trades 0.46% higher at 1.0962, retracing from fresh three-day highs reached at 1.0978 shortly after RBA announcement. The AUD/NZD cross stages a solid rebound from fresh four-month lows struck at 1.0858 on Monday and stormed its way through the hourly 20-SMA after the Aussie bulls took over complete control, following RBA’s unchanged monetary policy decision.

While the Kiwi moved away from multi--week highs and defends gains as the latest NZ business confidence data continues to dampen investors’ sentiments. The latest NZIER Quarterly Survey of Business Opinion shows business confidence falling to -14 against a 5 point reading booked previously.

On the data-front, the NZ GDT prices index due to be reported later today, could have major influence on the cross besides the US trade data.

AUD/NZD Technical Levels

To the upside, the next resistance is located at 1.0978 (Today’s High) levels and above which it could extend gains to 1.1000 levels. To the downside immediate support might be located at 1.0913 (Hourly 20-SMA) below that at 1.0893 (Today’s Low) levels.

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