Cross flows once again helping to lift the aussie on the day
AUD/NZD helps to lift the aussie while at the same time suppress the kiwi in trading so far
The aussie and loonie are the two commodity currencies at the head of the pack today, but the kiwi is somewhat lagging behind. That owes quite a bit to the AUD/NZD cross once again.
The pair remains supported by the December lows over the past week, and today's nudge higher above the 200-day MA (blue line) has helped to give the aussie a minor boost. For buyers, the key would be to stay above the 200-day MA @ 1.0887 to retain the fresh bullish bias but at the same time there is a need to break above the 38.2 retracement level @ 1.0936 too.
That so far has been the resistance level that has stalled the recent upside move. And until that level gives way, it should act as a cap for any further gains in the aussie too.