• AUD/NZD rebounded from multi-month lows at 1.0633 hit on Oct 16th, hit session highs at 1.0801
  
  
• But price action was rejected at highs and the pair has edged below 200 DMA at 1.0761 and is currently trading at 1.0734
  
  
• Drop in dairy prices at the recent Fonterra's auction refuels RBNZ rate cut bets next week
  
  
• Kiwi deals with another blow on the day after Fitch lowered Fonterra's senior unsecured rating and long-term issuer default rating to A from AA-
  
  
• On the other hand, Aussie remains underpinned by the latest RBA minutes which sounded upbeat on the Australian economic prospects
  
  
• Immediate resistance for AUD/NZD is located at 1.0761 (200 DMA) ahead of 1.0797 (10 DMA), while support on the downside lies at 1.0724 (Hourly 55 EMA)
  
  

Resistance Levels:

R1: 1.0761 (200 DMA) 

R2: 1.0797 (10 DMA)

R3: 1.0808 (Daily Tenkan)

Support Levels:

S1: 1.0724 (Hourly 55 EMA)

S2: 1.0710 (June 10 low)

S3: 1.0650 (Trendline support)