AUD/NZD to move higher above the 1.11 level – Credit Suisse

AUD/NZD is aiming higher within the broad range. The pair is trading close to the 1.09 level and analysts at Credit Suisse expect a move back to the 1.1044 recent high before testing the 1.1121 resistance where AUD/NZD may take a breather. 

Key quotes

“AUD/NZD is moving higher after essentially holding above the ‘neckline’ to the recently completed in-range base above 1.0866/81. We look for a fresh move higher from here, with the recent high seen at 1.1044, just shy of trend resistance and downtrend from 2015 at 1.1121. We expect this to be a tougher barrier to break, however a move beyond here would see a fresh test of the 2018 high at 1.1175.” 

“Only above the 1.1291 and 1.1430 highs would set a longer term base to suggest a more meaningful turn higher, which is some way off for now.” 

“Support is seen at the 23.6% retracement of the 2020 upmove and 55-day average at 1.0797/88, which ideally holds to keep the risks higher.”