AUD/NZD Price Analysis: Bulls could be denied as AUD/USD breaks daily lows

The bulls have tried to step in at a critical level of support.
AUD/NZD could be pressured here, taking into account AUD/USD.

Ross J Burland FXStreet

AUD/NZD has tried to move lower and AUD/USD has continued lower as follows:

The move is strong and there appears to be no catalyst although USDCNH is on the move higher today and covid risks are rearing their ugly head again. There is room for more downside in AUD/USD towards the daily lows. This should weigh on the cross and a break of the dynamic support would be expected to result in a downside correction:

AUD/NZD H1 chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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