AUD/NZD takes out key level; 1.1660 next

  • AUD/NZD has taken out the key resistance level at 1.13 this morning and stops in size have been triggered all the way up to 1.1350
  • The pair will likely encounter resistance at 1.1585, which is the October 2014 high, but the next major level lies at 1.1660, which is the September ’14 high
  • While the rally does look somewhat overextended, momentum remains strong and further gains seem likely in the near-term
  • NZD sentiment has become increasingly negative after last month’s RBNZ rate cut, while AUD has remained quite stable with a neutral bias

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