Upon the release of Australian CPI data this Wednesday, the AUD/NZD was taken to session lows at around the 1.3320 level (50% retracement of the rally between 1.3388/1.3446) before spiking higher, recording a 4 day high in the 1.3425 zone. The pair is now consolidating below this level and is currently trading in the 1.3410/20 area, 30 pips above the daily open.
The Australian currency can now be seen strengthening throughout the market. The AUD/CAD broke above the 1.0270 level and is quoted now at 1.0290, but not before climbing to an all-time high of 1.0322. AUD/JPY presents a bullish tone and is edging higher from its daily open at 87.86, quoted now just below the 88.30 area. And the AUD/USD is slowly grinding higher, now trading at 1.0830, more than 40 pips above its opening price.
Support levels (AUD/NZD): 1.3395, 1.3375, 1.3365 Resistance levels (AUD/NZD): 1.3425, 1.3445, 1.3463
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