AUD/NZD Price Analysis: Aussie rises back above 20-DMA, likely to take a pause after recent rally

• AUD/NZD bias now is to the upside in the short-term.
• After the significant rally, some consolidation ahead seems likely.

The AUD/NZD pair is rising sharply for the second day in a row. In the rally broke key short-term technical levels. It climbed back above the 20-day moving average suggestion it could have based.

The cross might have based around 1.0555/60, at least in the short-term if it holds above 1.0650. If AUD/NZD drops back below, attention would turn to 1.0530/35, where the 100 and 200-day moving averages are seen.

On the upside, the next strong resistance area is seen at 1.0680 (horizontal level and 55-day moving average). A break higher would target 1.0720, where a downtrend line is seen.

AUD/NZD daily chart