AUDNZD Outlook 17 April 2023

Toward the end of last week, the AUDNZD retraced from the resistance level of 1.0810 to trade down to the 1.0740 price level which coincided with the upward trend line and was within the area of the 38.2% Fibonacci retracement level.

The price bounced from the trendline and has now broken above the resistance level as the AUDUSD and NZDUSD weakened on Friday.

While the price could consolidate or retrace briefly, further downside on the NZDUSD could see the AUDNZD continue to trade higher to retest the next resistance level of 1.0890.