AUD/NZD at resistance

Australia’s Q4 data release surprised with better than expected numbers and set the Aussie in elevated mood. Of course this is not relevant against the US dollar, as latest Trump performance pushed the greenback and stocks higher. But meanwhile the AUD/NZD rallied today and succeeded to escape from the recent range. Fundamentally speaking, NZD is influenced now by the RBNZ decision to keep OCR unchanged until September, which reflected on pair’s move up. 

Today the pair sharply rallied and reached 1.0770 – a key resistance level. On the daily chart is the 50-day SMA is crossing to above the 200-day SMA and is giving bullish sentiment. RSI is slightly above the mid-lines and is showing bullish momentum, while stochastic is still placed below its mid-lines, but has turned to north. Closing above 1.0745 will tempt bulls to re-test the key resistance at 1.0770 and will open doors for further gains.