AUD NZD is likely to maintain the channel for the rest of July.
AUD NZD analysis – Daily:
On the daily this pair has been zig zagging across two up trend lines and is sitting on the .236 at 1.07589. The rsi is in the sell zone, ready to move down to the buy zone which should bring this pair to the .382 at 1.07170 giving 54 pips. If it continues to the .618 at 1.06486 this would give 125 pips.
AUD NZD analysis – Hourly:
On the hourly this pair has moved steadily down following a down trend line , crossed it and zig zagged up and down this up trend line and now is sitting on the .382 at 1.07675. The rsi is in the sell zone ready to move down to the buy zone and should reach the .618 at 1.07439 giving 26 pips. If it reaches the .786 at 1.07276 this would give 42 pips.
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AUD NZD in the news
The Australian Dollar has declined by 2.22% against the New Zealand Dollar since June 2. The currency pair is currently trading in a narrow descending channel pattern, according to FX Street,
Risk on; AUD shoots through 0.69 US cents: The Australian dollar rallied overnight having slipped back below 0.68 US cents throughout the domestic session. Risk assets suffered early as investors grappled with reports out of the US and Beijing citing new coronavirus hotspots.Yahoo Finance
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