- The AUD / NZD bias continues to favor the downside.
- Key short-term support at 1.0600 keeps losses limited for now.
The AUD / NZD it fell sharply after the tough RBNZ rally, breaking key technical levels. The low found support at 1.0600 and then rebounded modestly to 1.0670.
The bias is still pointing to the downside. Consolidation may continue ahead while awaiting another test of 1.0600. A break to the downside would target the 1.0560 area and below 1.0520. Technical indicators show mixed signs. The RSI is turning to the upside, while the momentum suggests that more losses are likely.
As long as AUD / NZD remains below 1.0760, the outlook would be negative. Before the aforementioned level, a strong barrier is located at 1.0715 / 20. That scenario is not favored at the moment. Any bounce that reaches levels below 1.0750 could be seen as an idea for a possible sell.
Daily chart
Technical levels
.
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.
