Forex: AUD/NZD bull run proves short-lived

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Forex: AUD/NZD bull run proves short-lived

FITITOL--> FXstreet.com (Barcelona) - On the back of a softer-than-expected New Zealand employment report in Q1, the Kiwi was liquidated against the Australian Dollar, reaching its lowest level since February 26.

The initial drive through 1.2800, however, was extremely short-lived, with the cross AUD/NZD having a notorious rotation back lower to currently be threatening 1.2750, still +0.13% above last NY close.

From an hourly perspective, AUD/NZD faces immediate support at 1.2744, April 30/May1 highs, followed by intra-day congestion area around 1.2700/15 ahead of 1.2660.

On the upside, the price should regain 1.2775 before attempting a retest of today's high at 1.2817 which would immediately find another supply area at 1.2825/30, early Feb lows. Only above the latter, round 1.29 may be exposed.