AUD/NZD retreats to pivot support

AUD/NZD cross hastened its retreat to daily pivot support after RBA minutes voiced concerns regarding the strength in the Aussie dollar.

Tests confluence of pivot support and hourly 50-MA

The cross is now trading around 1.0309, which marks the confluence of daily pivot support and hourly 50-MA. The hourly chart also shows a bullish 50-MA and 200-MA crossover, although RBA minutes have taken the attention away from the bullish technical development.

The focus now shifts to the RBNZ rate decision due later this week. The central bank is widely seen keeping the rates unchanged.

AUD/NZD Technical Levels

Breakdown of the confluence of support around 1.0309 could yield a move lower to 1.0298 (hourly 200-MA) and 1.0292 (hourly 100-MA). On the higher side, resistance are lined up at 1.0325 (pivot), 1.0340 (previous day’s high) and 1.0348 (pivot resistance).