Sat, Jan 28, 2023 @ 16:52 GMT
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AUD/NZD and AUD/CAD extends up trend

Australian Dollar surges broadly after much stronger than expected CPI reading in December in particular dented any hope for an imminent RBA pause. Meanwhile, New Zealand Dollar is just mixed as CPI didn’t accelerate as RBNZ projected, raising hope of a lower terminal rate.

AUD/NZD breaks through 1.0935 resistance to resume the whole rally from 1.0469. The support from 55 day EMA is seen as a near term bullish favor. Further rise is now expected as long as 1.0735 support holds. Next target is 61.8% projection of 1.0469 to 1.0935 from 1.0735 at 1.1023. Firm break there would prompt upside acceleration to 100% projection at 1.1201 next.

AUD/CAD also breaks through 0.9442 temporary top to resume the rally from 0.8596. Near term outlook will stay bullish as long as 0.9279 support holds. Next target is 61.8% projection of 0.8596 to 0.9328 from 0.9142 at 0.9594. Sustained break there would also prompt upside acceleration to 100% projection at 0.9874 next.

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