AUD/NZD: volatility to be expected, heading back to 1.0750?

Currently, AUD/NZD is trading at 1.0548, down -0.09% on the day, having posted a daily high at 1.0563 and low at 1.0540.

Gold sinks to lows around $1,260

Billionaire Druckenmiller: 'quite, quite optimistic,' when he was discussing economic growth. He was talking to CNBC overnight following the election of Donald Trump. ""I sold all my gold on the night of the election."

AUD/NZD has sold off on the back of a shift in gold, markets that are chasing the trends on a daily basis in what is otherwise a far more positive outcome after the elections and Trump's surprise victory which has enabled a rally in the greenback with an accompanying rise of global yields. The bird has managed to garner strength in such a climate, despite the RBNZ cutting rates. The market's outlook is more inflationary and observers do not expect much further easing going forward from the RBNZ, offering the bird a potentially limited boost over the Aussie that could otehrwise find support on rising metal prices.

US dollar index rises again but fails to hold above 99.00

However, while volatile, analysts at Westpac argued that the cross is showing signs of readiness to embark on the next rally, they target above 1.0650 today."AUD/NZD 1-3 month: Higher to 1.0750 or above, the RBA likely to remain on hold this year while the RBNZ should ease further. Moreover, the cross remains well below fair value estimates implied by interest rates, commodity prices and risk sentiment."

AUD/NZD levels

Current price is 1.0549, with resistance ahead at 1.0555 (Hourly 20 EMA), 1.0558 (Weekly High), 1.0558 (Daily Open), 1.0563 (Daily High) and 1.0565 (Daily 20 SMA). Next support to the downside can be found at 1.0549 (Weekly Classic PP), 1.0540 (Daily Low), 1.0537 (Hourly 200 SMA), 1.0529 (Daily Classic R1) and 1.0526 (Daily 100 SMA).