Very nice bounce in the cross over the last 24 hours but we are about to start hitting resistance levels. The first level to pay attention to is at hourly highs near 1.0800 and this level has held firm despite disappointing NZ jobs data. Even if we do break through there, I’d suggest that 1.0900, where strong daily resistance sits, will halt any initial spikes.
AUD/NZD is generally a range-trading pair and a 300 pip spike in a short period will probably be enough in my opinion.
So play the 1.06/1.09 range over coming days with an underlying strong bullish bias still in place.
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