The New Zealand Dollar rebounded last week against the Australian Dollar at the key resistance level of 1.06000. As mentioned within our previous article, this was in line with the 61.8% retracement that can be found within this price range. The bearish trend may continue further but will need to test the previous support level found at 1.03000.
- A break below the key support level will confirm a bearish continuation of the prevailing trend.
- Bulls may seek short term buying opportunities whilst being wary of the current momentum.