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 retracement to an earlier up movement. It is sitting on the .236 at 1.07396. The rsi is below the buy zone and should be ready to move up to the sell zone soon. This pair should move to the .382 at 1.07661 which will give 30 pips. If it moves to the .618 at 1.08071 this would give 71 pips and if it moves to the .786 at 1.08363 this would give 101 pips.
AUD NZD analysis – Hourly:
On the hourly this pair has moved steadily down a down trend line and has now crossed the trend line. It is in consolidation at the moment sitting on the .382 at 1.07381. The rsi is sitting in the middle and should resume it’s upward road to the sell zone soon and reach the .618 at 1.07528 giving 12 pips. If it goes to the .786 at 1.07632 this will give 23 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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