AUD/NZD recovers again from 100/20 dma convergence

By FXStreet AUD/NZD has been drifting higher this week as the Aussie garners the most benefit in a better risk mood and a recovery in commodities.

There have been a lack of drivers scheduled on the calendar for either counterpart while the focus has been on events else where driving a mixed dollar and subsequent flows. Oil has been better bid in a minor recovery from gapping higher at the start of the week and finding territory towards $34.00 with a high of $33.81 fueling a relief across the commodity bloc.

AUD/NZD levels

Technically, AUD/NZD is recovering away from the 200 sma on the hourly chart down at 1.0755 currently and from the 100 dma converging with the 20 dma at 1.0767 and 1.0761 respectively. The price has has steepened the bid away from the cluster of ma’s converging just below the 1.08 handle on the same time frame, with price currently testing 1.0820 resistance. The pivot is down at 1.0774, R2 at 1.0826 and R3 at 1.0852. 1.0900 opens 1.0968 2016 highs. A break below the pivot opens S2 at 1.0722 and S3 at 1.0696.
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Source:: FX Street