AUD NZD is likely to maintain the channel for the rest of July.
AUD NZD analysis – Daily:
On the daily this pair has zigged zagged it’s way making higher highs slowly following 3 up trend lines. This pair broke through the .786 at 1.08279 and retraced a bit, resting before it’s next move. The rsi is in the sell zone but skimming along indicating further up movement yet to come. This pair should go to the .180 at 1.08519 giving 26 pips and then should start to head down to the buy zone to the .618 at 1.07782 giving 78 pips.
AUD NZD analysis – Hourly:
On the hourly this pair has moved steadily upwards and ended just below the .270 on the fib. The rsi is in the sell zone and headed down to the buy zone which should bring this pair to the .236 at 1.07887 giving 36 pips which would cause the up trend line to be broken. If this pair continues to the .382 at 1.07722 this would give 53 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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