AUD/NZD Price Analysis: Ready to test the 200-day SMA
|- The kiwi resumed the upside after a brief pause on Friday.
- AUD/NZD bearish bias intact, testing key support around 1.0630.
The AUD/NZD pair consolidated under 1.0700, reflecting the strength of the bearish move. On Monday, it bottomed at 1.0636, the lowest level in almost three months.
AUD/NZD tested levels near 1.0630 that is the next critical support; the confluence of a horizontal level and the 200-day moving average. A break lower would clear the way for a test of 1.0600. The next support stands at 1.0580.
A rebound in AUD/NZD to 1.0730 should not be ruled out and would be seen as a correction. If the aussie manages to rise above 1.0770, it could remove the bearish bias.
AUD/NZD daily chart
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