AUD/NZD consolidated awaiting key data events

By FXStreet AUD/NZD is currently consolidating the strong from 1.1271 downtrend of the end of last month.

AUD/NZD has been a fade on the rebound at 1.0783 with support in at 1.0721 for a narrow range sideways drift into early Asia with U.S. stocks closing slightly positive. The commodity markets have improved, underpinning Aussie strength with the kiwi following its lead. The day ahead will offer the RBA minutes and the RBNZ’s inflation expectations.

AUD/NZD levels

AUD/NZD is drifting to test the 4hr 20 sma at 1.0738 in line with the 2nd May lows and temporary support of the 25th April downtrend from 1.1250. The price remain better offered below the 200 dma at 1.0917 and a continuation of the downtrend targets 1.0670 and the lows of 25th Feb guarding space to 11th Feb lows of 1.0569.
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Source:: FX Street