As risk-on sentiment carried forward to Asian sessions, Aussie is benefiting much more than Kiwi for now. AUD/NZD is extending the rebound from 1.0469 and hit as high as 1.0640 so far.
A short term bottom should be confirmed at 1.0469 with break of the near term channel resistance, on bullish convergence condition in hour MACD. Yet, the rebound should be more of a result of deeply oversold condition, as seen in daily RSI. It’s too early to call for a trend reversal.
While further rise is now mildly in favor, upside should be capped by 55 day EMA (now at 1.0826). Indeed, break of 1.0564 minor support will suggest that the decline from 1.1498 is ready to resume through 1.0469.
