AUD/NZD fails to end week above 1.1300

By FXStreet FXStreet (Córdoba) – The aussie is about to end the week with modest gains versus the New Zealand Dollar but below a key technical level.

AUD/NZD unable to rise further

The pair is about to end the week trading around 1.1250/60, with a weekly gain of less than 40 pips and below the key 1.1300 area. During 2014 and 2015 it traded above 1.1300 but it failed to make a significant weekly close on top. If it manages to do so it could open the doors for a medium-term rally of the aussie.

The failure to hold above 1.1300 pushed the price back to the current trading range that continues to contain the pair: it has a strong support at 1.0880 and resistance at 1.1310. The consolidation has been in place since July, after AUD/NZD rallied from the parity level.
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Source:: FX Street