AUD/NZD finds support at 76.4% Fibo levels

The strengthening of the bid tone in AUD following the RBA minutes release helped the AUD/NZD cross recover from 1.0624 (76.4% of aug high – Sept low).

Trades around 10-DMA

The cross is currently trading around the 10-DMA of 1.0658 levels. Aussie has been running wild against the Kiwi after having boittomed out at 1.0237 levels in September.

As of now, RBA’s comments over destabilizing effect of a strong AUD are not having any impact on the pair. Neverththeless, it is worth noting that the pair is down for the second straight session.

AUD/NZD Technical Levels

On the higher side, 5-DMA of 1.0694 could offer resistance which if breached would expose 1.0712 (200-DMA). A daily close above the same would open doors for a 1.0765 (Oct 14 high). On the lower side, breach of 10-DMA level of 1.0658 could yield a revisit to 1.0621 (session low) and 1.06 levels.