FXStreet (Córdoba) – AUD/NZD soared after the Reserve Bank of Australia (RBA) decision yesterday to leave rates unchanged and extended gains during the American session and ahead of the release of labor market data for the third quarter in New Zealand.
From 6-month lows to weekly highs
The pair last week fell to 1.0495 hitting the lowest level since early May. On Monday it rose modestly and today after RBA statement it rallied sharply. Initially rose toward 1.0650 and then broke higher and recently peaked at 1.0756 hitting the strongest level in thirteen days.
Currently it trades at 1.0740/45, up 160 pips from yesterday’s closing price and is having the best performance since September 10.
AUD/NZD technical levels
To the upside, resistance levels might lie at 1.0760 (200-day MA), 1.0840 (Oct 8 low) and 1.0920 (Oct 7 high, Oct 12 low). On the opposite direction, support might lie at 1.0715 (previous resistance), 1.0635 (Oct 16, 20 low) and 1.0600.
(Market News Provided by FXstreet)