AUD NZD is likely to maintain the channel for the rest of July.
AUD NZD analysis – Daily:
On the daily this pair moved down in a 492 pip movement, following a down trend line and is sitting above the .180. The rsi and MacD are just above the buy zone indicating further down movement on the way. This pair should go to the .270 at 1.02748 giving 87 pips. If it continues to the 1.618 at 1.01817 this would give 175 pips.
AUD NZD analysis – Hourly:
On the hourly this pair has moved steadily down a down trend line , almost touched it, consolidated then moved further down the ladder just touching above the .270 at 1.04599. It has been ranging between 1.05043 and 1.04599 and appears to be headed up. The rsi is just below the sell zone indicating further up movement before it heads down to the buy zone. If this pair reaches the top of the range, this would give 17 pips. From the top of the range to the bottom of the range it would give 44 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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