AUD/NZD Price Analysis: Price hits support around 1.0750, exhaustion on the downside?
|- Aussie remains under pressure versus the kiwi as AUD/NZD drops back below 1.0800.
- Bearish bias in the cross remains intact, exhaustion signs emerge favouring some consolidation ahead.
The AUD/NZD continues to move with a bearish bias, but it has reached a strong support in the 1.0730/50 band. A break lower could trigger more losses, exposing 1.0700.
The decline of the cross has reached a strong resistance and also some technical indicators warn about some exhaustion, increasing the odds of a consolidation ahead.
In case of a consolidation, AUD/NZD could move between 1.0750 and 1.0850. The 20-day moving average at 1.0860 is a level to watch and above, around 1.0900, several short-term downtrend lines are seen. A close above 1.0860 would alleviate the bearish p4essure, and a break of 1.0900 would change the short-term bias to bullish.
AUD/NZD daily chart
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