- The kiwi extends the rally after the elections in New Zealand, registering the seventh consecutive daily gain against the Australian dollar.
- Consolidation below 1.0700 to clear the way to 1.0630.
The AUD / NZD pair found no support and broke below 1.0700, opening the doors for further losses. The next target on the downside is seen at 1.0630 with intermediate support at 1.0665. It bottomed Monday at 1.0684, the lowest since July 28.
Short-term technical indicators could favor some consolidation after falling for seven consecutive days, but there are no signs of stabilization so far. The bearish bias is clear and a rally above 1.0750 could ease the pressure.
In a broader perspective, the AUD / NZD will likely continue to have a negative bias as long as it is below 1.0780 / 90 (convergence of the 20 and 100 day moving averages).
Daily chart
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
