AUD/NZD Price Analysis: Aussie corrects lower from near major resistance
- The trend continues to favor aussie over kiwi, despite the recent correction.
- AUD/NZD critical short-term support at 1.0680 and 1.0620.
The AUD/NZD pair reached on Monday at 1.0830 the highest level since November of last year. It then started a bearish correction that found support at 1.0700. Over the last two days, it had been moving sideways between 1.0700 and 1.0750.
On the downside, below 1.0700, the correction will likely extend to 1.0680. If the slide continues next in line is 1.0620 (horizontal and uptrend line). A slide under 1.0620 would negate the bullish bias.
The uptrend remains in place, but the AUD/NZD has run into a major resistance around 1.0830/50. A weekly close on top is needed to clear the way to more gains.
AUD/NZD 4-hour chart