AUD/NZD Price Analysis: Upside bias, testing 1.0800

• Aussie is retreating versus Kiwi, still above 1.0750 with a bullish bias.
• A break above 1.0800, would set the focus on 1.0850.

The AUD/NZD is pulling back on Thursday, after finding resistance at 1.0800. The drop so far was capped by the 1.0750 zone that is a key support area. A slide below would alleviate the bullish pressure that is already weakening.

On the downside, the next support is seen at 1.0700 and then a key area, around 1.0670 where the 20-day moving average converges with an uptrend line.

The recent rally found resistance at 1.0800. A break higher would clear the way to more gains. Next in line, emerges a strong long-term resistance at 1.0850: a weekly close above would suggest more gains over the medium-term.

AUD/NZD daily chart