AUD/NZD Price Analysis: Bullish while above 1.0695, could reach 1.0800

• Aussie pulls back versus kiwi on Wednesday, holds bullish bias.
• Risks tilted to the upside while AUD/NZD above 1.0690.

The AUD/NZD pair pulled back on Wednesday, finding support above 1.0700. It approached recent highs and it was hovering around 1.0715. Risks are tilted to the upside, as the rebound from above 1.0550 is solid.

There are two critical supports to the bullish outlook in the short-term. The horizontal level and the 50-day simple moving average at 1.0690/1.0695, and the 1.0660 zone, a support on closing basis and also where the 20-day moving average stands. A close under 1.0660 would negate the bullish bias, leaving the cross vulnerable to more losses.

While above 1.0700 more gains seem likely. The 1.0740/50 band is the resistance level to break to clear the way toward 1.0800. On a wider perspective, the critical resistance is 1.0845/50.

AUD/NZD daily chart