AUD/NZD: better bid medium term, looks for break and close above 1.0750

Currently, AUD/NZD is trading at 1.0690, down -0.01% on the day, having posted a daily high at 1.0695 and low at 1.0687.

AUD/NZD is making a minor recovery into the closing Asian session for this week. The bird's stretched technical indicators and long position came to fruition at the end of last month and the cross has been unable take-back control beyond 1.0675. 

NZD/USD: remains vulnerable ahead of nonfarm payrolls key event

However, analysts at Westpac noted that the cross remains below fair value estimates implied by interest rates, commodity prices and risk sentiment, although it is closing the gap. "There’s potential for a rebound in iron ore prices this year, given high steel prices," the analysts argued.

AUD/NZD levels

AUD/NZD's key downside is the 1.0600 level and late July lows where the cross was demanded as the previous 11th / 12th July double top highs. A drop through here has the 13th July lows of 1.0537. To the upside, a break and daily close above 1.0750 opens 1.0801 and 1.0845 recent highs.