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The AUDNZD has been quite strong for the month. Fundamentals are playing a great role with the RBNZ having recently released a statement that strongly suggests a rate cut in the near future, while the RBA statement did not sound like any further cuts were upcoming after having just cut rates at the last rate decision.
The AUDNZD has ralied since late April, and is up nearly 400 pips in a move that saw a minimum amount of retracements.
In the past week, we've seen the pair restest a Daily Trendline that dates back to early 2014. This area should offer some strong resistance for the upcoming weeks. We can also see a broader correction take place from here, with support coming in at 1.0636.
The AUDNZD has ralied since late April, and is up nearly 400 pips in a move that saw a minimum amount of retracements.
In the past week, we've seen the pair restest a Daily Trendline that dates back to early 2014. This area should offer some strong resistance for the upcoming weeks. We can also see a broader correction take place from here, with support coming in at 1.0636.
