AUD NZD is likely to maintain the channel for the rest of July.
AUD NZD analysis – Daily:
On the daily this pair has moved to just below the .382 at 1.08283 and almost to the .618. The rsi is in the buy zone and appears to be skimming along the zone. It is 58 pips to the .382 at 1.08283 and should continue to the .236 at 1.09105 which would give it 140 pips.
AUD NZD analysis – Hourly:
On the hourly this pair moved up to the first down trend line zig zagging it’s way to below the .236 at 1.07943. When this pair reaches the buy zones look for it to go to the .382 at 1.08117 which would be 29 pips and this would also break the first down trend line. If it breaks through the first downtrend line it should continue to the second down trend line and the .618 at 1.08402 which would give 57 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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