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.
It tested levels near the 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 supports 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