AUD/NZD Technical Analysis: Bearish bias while below 1.0565
|- The AUD/NZD pair remains in a descendant channel with a bearish bias and currently supported by 1.0440.
- Last week recovery has been erased and now, it points to some consolidation before another test of the area around 1.0440.
Yesterday and on Monday, the recovery of AUD/NZD was capped by the 55-day simple moving average that stands near 1.0550, also a horizontal support and is near the upper limit of the bearish channel. So the critical level for bulls to watch is 1.0550/65: a daily close on top would remove the current bias, favoring more gains ahead.
The area around 1.0440 is likely to keep losses limited. A break lower could signal more losses. The next strong support emerges around 1.0400, a psychological level and the lower bottom of the channel.
AUD/NZD Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.