AUDNZD - Bullish Break - We.............>

AUSSIE-KIWI: AUDNZD - Bullish Break

- We highlighted in an analysis email on March 28th the potential of a falling

wedge, which is a bullish reversal pattern.

- Indeed, AUDNZD confirmed this on the break of 1.0450, it also closed above the

100-dma (1.0490) for the first time since mid-October.

- The uptrend extended to 1.0575 with next resistance seen on approach to the

1.06 level. Above here opens the 50% retracement of 1.1176-1.0106 at 1.0641,

ahead of the Mar 21 high & 200-dma at 1.0670/95.

- Goldman Sachs updated their AUDNZD view and are now targeting a move towards

1.0900. While Westpac expect the move to extend through 1.0600.

- Seasonality trends have seen NZDUSD register gains in April nine of the last

fourteen years, also the last two quarters straight. Currently +1.26% on the

month.

- Please see chart below.

https://emedia.marketnews.com/marketnewsintl/AUDNZD_Bullish_Break.png