As markets reacted negatively to the RBA statement this month, the AUD may be experiencing temporary weakness. Data on the AIG Manufacturing Index and commodity prices was positive to the AUD earlier this week, whilst there is a lack of data this week on the NZD, which may limit its strength. At this point the pair is supported by 61.8, D L5, W L3 and rising trend line which might spike the price to the upside. The POC zone for long trades is 1.0430-45 and as long as it stays above 1.0375 upside is possible. Targets are 1.0485, 1.0510 and 1.0550.
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Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets