AUD/NZD extends Thursday's bounce, bias higher
RBNZ's dovish tilt dominated the commodity bloc, weighing on the outlook for the bird.
Data from New Zealand showed NZ Business PMI dipped from previous 57.8 to 56.8 in May.
AUD/NZD saw sharp reversal from fresh 10-week lows at 1.0610 to hit highs of 1.0779.
The pair is extending upside on the day and is hovering around 20-DMA at 1.0775.
Close above 20-DMA will see test of next immediate resistance at 1.0833 (50-DMA).
Technical indicators on the daily charts have turned bullish. RSI and Stochs have rolled over from oversold levels and biased higher.
Support levels - 1.0775 (20-DMA), 1.0720 38.2% Fib of 1.0237 to 1.1018 rise), 1.0683 (100-DMA)
Resistance levels - 1.0834 (50-DMA & 23.6% Fib), 1.09 (trendline), 1.0935 (May 1 high)
Good to go long on dips around 1.0775, SL: 1.0720, TP: 1.08/ 1.0835/ 1.09
Data from New Zealand showed NZ Business PMI dipped from previous 57.8 to 56.8 in May.
AUD/NZD saw sharp reversal from fresh 10-week lows at 1.0610 to hit highs of 1.0779.
The pair is extending upside on the day and is hovering around 20-DMA at 1.0775.
Close above 20-DMA will see test of next immediate resistance at 1.0833 (50-DMA).
Technical indicators on the daily charts have turned bullish. RSI and Stochs have rolled over from oversold levels and biased higher.
Support levels - 1.0775 (20-DMA), 1.0720 38.2% Fib of 1.0237 to 1.1018 rise), 1.0683 (100-DMA)
Resistance levels - 1.0834 (50-DMA & 23.6% Fib), 1.09 (trendline), 1.0935 (May 1 high)
Good to go long on dips around 1.0775, SL: 1.0720, TP: 1.08/ 1.0835/ 1.09
AUD/NZD struggles to close above 20-DMA.
Further upside only on close above.