AUD/NZD Price Analysis: More gains seen over the medium-term after a weekly close above 1.0850
|- Aussie jumps versus kiwi to levels not seen since 2018.
- Technical support further gains in AUD/NZD but many technical indicators show overbought readings.
The Aussie posted on Friday a weekly close above a key long-term resistance seen at 1.0850, opening the doors to further gains over the medium term versus the kiwi. The upside in AUD/NZD peaked so far above 1.1050, the highest level since September.
The recent move higher in the cross also broke a downtrend line, adding more strength to the aussie. The next resistance should be seen at 1.1080 and the medium-term target around the 1.1150 zone.
Thu bullish tone is likely to remain intact while above 1.0850 but five weeks of consecutive gains warn about some overbought conditions and potential corrections.
AUD/NZD weekly chart
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