RBNZ's dovish tilt dominated the commodity bloc, weighing on the outlook for the bird.
Data from New Zealand showed NZ Business PMI dipped from previous 57.8 to 56.8 in May.
AUD/NZD saw sharp reversal from fresh 10-week lows at 1.0610 to hit highs of 1.0779.
The pair is extending upside on the day and is hovering around 20-DMA at 1.0775.
Close above 20-DMA will see test of next immediate resistance at 1.0833 (50-DMA).
Technical indicators on the daily charts have turned bullish. RSI and Stochs have rolled over from oversold levels and biased higher.
Support levels - 1.0775 (20-DMA), 1.0720 38.2% Fib of 1.0237 to 1.1018 rise), 1.0683 (100-DMA)
Resistance levels - 1.0834 (50-DMA & 23.6% Fib), 1.09 (trendline), 1.0935 (May 1 high)
Good to go long on dips around 1.0775, SL: 1.0720, TP: 1.08/ 1.0835/ 1.09
Data from New Zealand showed NZ Business PMI dipped from previous 57.8 to 56.8 in May.
AUD/NZD saw sharp reversal from fresh 10-week lows at 1.0610 to hit highs of 1.0779.
The pair is extending upside on the day and is hovering around 20-DMA at 1.0775.
Close above 20-DMA will see test of next immediate resistance at 1.0833 (50-DMA).
Technical indicators on the daily charts have turned bullish. RSI and Stochs have rolled over from oversold levels and biased higher.
Support levels - 1.0775 (20-DMA), 1.0720 38.2% Fib of 1.0237 to 1.1018 rise), 1.0683 (100-DMA)
Resistance levels - 1.0834 (50-DMA & 23.6% Fib), 1.09 (trendline), 1.0935 (May 1 high)
Good to go long on dips around 1.0775, SL: 1.0720, TP: 1.08/ 1.0835/ 1.09
AUD/NZD struggles to close above 20-DMA.
Further upside only on close above.