AUD/NZD - bullish move stalls at 9-1/2 month high of 1.0801

AUD/NZD clocked 9-1/2 month high of 1.0801 today, before retreating slightly to 1.0790 on the back of the risk-off moves in the Asian markets.

Geopolitical risks cap gains

North Korea’s missile test triggered risk-off moves in early Asia. Furthermore, Australia retail sales number matched estimates, thus providing little reason for the Aussie bulls to push the cross well above 1.08 handle.

Meanwhile, the New Zealand Treasury report was mixed. Moreover, the risk is being taken of the table, which is evident from the drop in the bond yields in Asia.

Thus, the bullish momentum in the AUD/NZD stalled at 1.08 handle.

AUD/NZD Technical Levels

A break above 1.0801 (session high) would expose 1.0873 (Feb 16, 2016 high) and 1.09 (zero figure). On the lower side, a breach of 1.0778 (session low) could yield a sell-off to 1.0735 (5-DMA) and 1.0709 (10-DMA).