AUD/NZD falls back below 1.0800

FXStreet (Córdoba) - The rally of the AUD/NZD peaked on Thursday at 1.0833, the strongest level in five weeks and lost momentum. In the last hours the Aussie retreated and pulled back. Initially found support at 1.0795 and bounced to finish Thursday at 1.0805, posting the highest daily close since February 25; but early in Asia extended the decline and fell to 1.0792.

Currently trades near the lows attempting to rise back above 1.0800 but the momentum for the coming hours still favors the Kiwi. In a wider view the AUD/NZD continues to hold a bullish perspective in the short term.

If the pair resumes the upside it will approach to key resistance levels: the 1.0900 area and a downtrend line coming from February 2013 that currently strands around 1.0860/80.