AUD/NZD back above 1.1000, holds bullish tone

By FXStreet FXStreet (Córdoba) – The Australian dollar is among the top performers on Monday, against the Kiwi is rising for the second trading day in a row, recovering further ground. AUD/NZD rose back above 1.1000, improving the short-term technical outlook.

AUD/NZD: A bottom?

Last week the pair reversed and dropped from levels on top of 1.1250, breaking below 1.1000. The area above 1.0900 again offered support like it did during the last week of August. The pair could have reached a temporal bottom at the mentioned area.

Currently it is trading at 1.1080, trading near daily highs that lie at 1.1085. To the upside, the next resistance is located at 1.1100. A break high could signal more gains ahead, with price moving toward 1.1250.

On the opposite direction the key support continues to be the 1.09 handle. It AUD/NZD falls below it would be trading at 3-month lows and a more significant bearish correction could be expected.
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Source:: FX Street