- NZD slumped across the board, emerges the worst performer on the day on RBNZ’s dovish stance.
- AUD/NZD spikes to hit weekly highs at 1.0777, but further gains likely only on break above 20-DMA.
- Upside likely rejected at 20-DMA resistance at 1.0775, the pair has pared some gains to currently trade at 1.0745 levels.
- Technical studies still bearish, we do not see major signs of reversal.
- Rollover of Stochs from oversold levels with decisive close above 20-DMA could see reversal in trend.
Support levels - 1.0684 (5-DMA), 1.0610 (May 10 low), 1.0595 (200-DMA)
Resistance levels - 1.0775 (20-DMA), 1.08, 1.0847 (Apr 13 high)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -24.1443 (Neutral), while Hourly NZD Spot Index was at 3.37209 (Neutral) at 0720 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
