AUD/NZD Price Analysis: Aussie breaks 1.0650 and points to 1.0700

• Aussie resumes the upside after pullback to 1.0590, highest in months.
• AUD/NZD bullish trend intact but some indicators are near extreme levels.

The AUD/NZD pair reached the highest level since November after breaking above 1.0650. It peaked at 1.0680 and pulled back modestly. The trend continues to point to the upside. Momentum is starting to turn south and the RIS is approaching 70, suggesting the rally could take a pause, but still the positive tone remains intact.

On the upside, the target appears to be located around 1.0700/10, the convergence of a horizontal resistance and the upper limit of an ascendant channel. Gains should be limited here, but a break higher could trigger an acceleration toward 1.0780.

The immediate support is seen now at 1.0650, followed by 1.0590 and then the strong 1.0490 area that should limit loses.

AUD/NZD daily chart