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Forex: AUD/NZD trapped inside 1.2555/1.2623 range

FXstreet.com (Barcelona) - AUD/NZD has modestly broken to the upside last at 1.2605, higher from recent session and weekly lows at 1.2555, but still capped below weekly highs at 1.2623. That has been the tight range so far for the week for AUD/NZD, given both Aussie and Kiwi have been moving pretty much in tandem as USD has been the main driver across the board so far for the week, following Cyprus turmoil surrounding bailout conditions requested.

The cross printed a key 2013 high at 1.2685 past Thursday following a combination of dovish RBNZ monetary policy statement, and impressive Aussie jobs report improvement, but it has been limited from there ever since, as it has been so since early Dec 2012. The 200 day SMA is also around that level, working as dynamic resistance since mid Sept. Many analysts including those from ANZ or IFR Markets are turning their calls to the upside, but first it needs to clear that 1.2700 strong resistance, for then being able to move further targeting the 1.2800 handle, experts say.

Immediate resistance to the upside for AUD/NZD shows at Monday's weekly highs 1.2622, followed by 200 day SMA at 1.2646, and Thursday's 2-month highs at 1.2685. To the downside, closest support lies at mentioned recent weekly lows 1.2555, followed by March 13 Asian session highs at 1.2534, and March 13 lows at 1.2448.

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