AUD/NZD Technical Analysis: Rally still in place but losing momentum

• The Kiwi remains weak versus the Aussie although today the ADU/NZD pair tested the top, failed to break and pulled back, ending far from the top. A possible signal that the rally is losing momentum. No critical signals of a correction have emerged.
• So far, the Aussie failed to hold above 1.0600, if it rises on top and remains, it would clear the way for a test of the next strong resistance seen around 1.0640/50.
• On the flip side, the 1.0540/50, previous resistance, is now a key level that contained the recent correction. A break lower could leave the pair vulnerable to a bearish extension with a potential target at 1.0480.

AUD/NZD Daily Chart