AUD/NZD Price Analysis: Jumps the most since March but monthly hurdle tests bulls

• AUD/NZD eases from intraday high, steps back from a one-month-old resistance line.
• MACD conditions, rebound from December 2020 lows favor buyers.
• Lows marked during February, May become the key upside filters.

AUD/NZD bulls take a breather around 1.0510 after rising the most in three months during early Tuesday.

In doing so, the cross-currency pair buyers attack a downward sloping trend line from July 13 following its bounce off the lowest since December 01, portrayed the previous day.

It’s worth noting that the pair’s resistance to breaking the December low gains support from the MACD swing in favor of the bulls. However, a clear upside break of the 1.0520 immediate hurdle becomes necessary for the AUD/NZD bulls to extend the recovery moves.

Following that, lows marked during February and May, respectively around 1.0540 and the 1.0600 threshold, will be important to watch.

Alternatively, pullback moves may seesaw around 1.0500 and 1.0460 before direct AUD/NZD bears to late 2020 lows, surrounding 1.0410, for one more time.

If at all the pair sellers keep reins past 1.0410, the 1.0400 round figure and January 2020 lows close to 1.0305 will gain the market’s attention.

AUD/NZD: Daily chart

Trend: Further recovery expected