AUD/NZD – Bullish move talls around Oct 14 high

Bullish move in AUD/NZD stalled near October 14 high of 1.0765, thus making way for a minor corrective retreat to 1.07340 levels.

RBA rate cut bets drop

The sharp rise seen today was largely due to a drop in RBA November rate cut bets following the release of the upbeat inflation data. Moreover, the cross has been on the rise for last three trading sessions.

A second wave of Aussie buying cannot be ruled out once Europea desks come online. Traders need to watch out for a possible break above October 14 high of 1.0765.

AUD/NZD Technical Levels

A break above 1.0765 (Oct 14 high) would open doors for 1.0806 (May 17 high). Further gains could run into weekly classic R2 resistance of 1.0817. On the other side, retreat below 1.0715 (weekly classic R1) could yield a re-test of 1.0696 (Oct 20 low), under which cross could target 1.0652 (weekly classic pivot).