NZD/AUD set to recapture July highs

The NZD/AUD currency pair found a base at 0.9176 on the 8th of October after it’s most recent decline and has since reversed to the upside breaking through key resistance at 0.9329 on Monday of this week. Today marks the day the pair tackle the 200 DMA resistance line, which was last attempted on the 20th of April this year, where it failed resulting in a multi-month steady decline.

If prices can stay above the 200 DMA which comes in at 0.9376 (at the time of writing), prices should continue to advance to weekly resistance at 0.9450/60 which marked the July ‘20 top.