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AUD/NZD poised to fall further if bulls can't snag the 1.07 handle

4/23/2018, 2:01:17 PMTrading Strategies
AUD/NZD poised to fall further if bulls can't snag the 1.07 handle

The AUD/NZD is pushing upwards in early Monday action, testing near 1.0640 after closing a bearish week-opening gap into 1.0615.

The Aussie managed to recover somewhat against the Kiwi last week, driven largely by a recent souring of macro data for the New Zealand economy that has left the NZD exposed to downside pressure, and the pair is currently holding ground near April's highs, despite being at the wrong end of a significant bear trend that began in October of 2017.

The economic calendar is a thin outing for both currencies for Monday, with only low-tier credit spending and tourism measures for the Kiwi at 03:00 GMT and 22:45 GMT respectively, while a speech is expected from the Reserve Bank of Australia's Assistant Governor Kent at 22:00 GMT.

AUD/NZD Levels to watch

The recent low for the pair at 1.0490 marks yet another step lower in the pair's overall bear trend, and despite the pair's bullish push recently, the AUD/NZD is facing intense pressure at the 50.0 Fibo level of the last leg down at 1.0645, and a successful bullish close over the level could see the handle begin to work as support, but March's high remains the figure to beat at 1.0800.