AUD/NZD: testing 20 1hr sma at 1.1092

AUD/NZD has been less of a show overnight than the end of last week's rally from 1.1055 to score highs of 1.1239 before supply overtook taking us down through the 20 dma at 1.1119.

AUD/NZD has been tracking oil and risk with both the antipodeans performing well vs the greenback and leaving the play neutral for the best part. The RBA minutes yesterday has also underpinned the better bid tone in the Aussie. The GTD price index was favourable to the Kiwi overnight, today's auction ended with a gain in the GDT (GlobalDairyTrade) Price Index up 3.8%. There has been volatility in oil in early Asia with Kuwait oil workers ending their strikes.

AUD/NZD levels

AUD/NZD trades sideways below the ma's on the hourly chart from lows of 1.1072 intraday and 1.1076 in early Asia. The 50 dma at 1.1024 and 200 dma at 1.0936 are next key levels to the downside after a break below S3 at 1.1052. For the upside, the pivot is located at 1.1135 and 1.1181 is yesterday's high ahead of 1.1235 14th April high after R1 at 1.1207. Currently, the price tests the 20 sma on the 1hr sticks at 1.1092.