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AUD/NZD heading into a consolidation phase

FXStreet (Guatemala) - AUD/NZD is trading at 1.1024, down -0.26% on the day, having posted a daily high at 1.1057 and low at 1.1016.

AUD/NZD has been on the defensive after a huge fall during the US volatility and went through 1.1120, 1.1100 and 1.1080 was the final hurdle for the bears. They took it with ease and the pair was free-falling and took out the 1.10 handle momentarily on hourly charts. The pair has since re-gathered itself up to 1.1060 but supply is taking control and punishing the pair back onto the 1.1020 support zone. The pair may be subject to a phase of consolidation on the 1.10 handle here as markets try and level out and take a breather. There will be potentially more action to come thereafter as we enter the closing sessions of the week with another set of key US data, more hype around current global conditions and more from the FED.

AUD/NZD noteworthy levels

Spot is presently trading at 1.1023, and next resistance can be seen at 1.1061 (Daily Classic PP) and 1.1066 (Hourly 20 EMA), 1.1080, 1.1100 and 1.1120. Support below can be found at 1.1016 (Daily Low), 1.0993 (Weekly Classic S2), 1.0976 (Daily 100 SMA) and 1.0973 (Daily Classic S1).

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