AUD/NZD clocks fresh five-week high

AUD/NZD cross surged to 1.0554; its highest level since Aug 18 as the Kiwi continues to underperform on increased odds of RBNZ rate cut.

Rebounds from 50-DMA

The cross rebounded from 50-DMA support of 1.0476 and breached key resistance of 100-DMA to clock a multi-week high of 1.0554 levels. The pair was restricted to a narrow range defined by 50-DMA and 100-DMA for the last two trading sessions.

New Zealand dollar continues to have a tough time after RBNZ opened doors for further rate cuts in the near future.

AUD/NZD Technical Levels

AUD/NZD was last seen trading around 1.0548. Breach of resistance at 1.0550 (61.8% of Aug 9 high to Sep 14 low) would open doors for 1.0613 (Aug 15 low). On the lower side, violation at 1.0522 (100-DMA) would open doors for a drop to 1.0480 (50-DMA).