AUD NZD is likely to maintain the channel for the rest of July.
AUD NZD analysis – Daily:
On the daily this pair has been dipping in and out of the .270 at 1.07575 within a range from 1.08792 and 1.05742 where it has bounce off the bottom of the range and made a nice movement up. The rsi is in the middle and appears to be headed to the sell zone indicating more up movement to come. The pair should reach the .270 at 1.07575 which would give 97 pips
AUD NZD analysis – Hourly:
On the hourly this pair has made a movement of 115 pips up and has produced a Bearish Engulfing candle reaching the .236 at 1.06629. The rsi is in the sell zone and should retrace down to the .618 at 1.06278 breaking the up trend line which would give 43 pips. If it continues to the .786 at 1.06129 this would give 58 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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