AUD/NZD trims gains as Kiwi rebounds, Australia data disappoints

AUD/NZD cross is losing height, now trading marginally positive on the day around 1.0605 as the bid tone around NZD gathered pace, while Aussie retail sales data missed estimates by a big margin.

Rejected at 1.0634

The cross turned lower from the Asian session high of 1.0634 as NZD/USD jumped from 0.7149 to a high of 0.7184 levels. Meanwhile, the uptick in the AUD/USD appears to have run out of steam above 0.76 handle after the Australian retail sales for the month of July printed well below estimates.

The cross fell to a low of 1.0436 before scoring sharp gains on Wednesday. Prices jumped from 1.05 to 1.06 handle yesterday and extended gains further to 1.0634 before trimming gains to trade 1.0634 levels.

AUD/NZD Technical Levels

Breakdown of immediate support at 1.0586 (10-DMA) could yield 1.0540 (50-DMA + 5-DMA). On the higher side, breach of resistance at 1.0634 (Asian session high) would open doors for a rally to 1.0755 (July 21 high) levels.