AUD/NZD may rise 23 - 33 pips

Our pivot point stands at 1.0820.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1.0820 would call for 1.0800 and 1.0790.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (1.0833) but under its 50 period moving average (1.0837).

Supports and resistances

1.0890 **

1.0880 *

1.0870 **

1.0860

1.0837 last

1.0830

1.0820 **

1.0800 *

1.0790 **

Number of asterisks represents the strength of support and resistance levels.