- The kiwi resumed its rise after a brief lull on Friday.
- AUD / NZD’s bearish bias is intact, testing key support around 1.0630.
The pair AUD / NZD it consolidated below 1.0700, reflecting the strength of the bearish move. On Monday it bottomed at 1.0636, the lowest level in nearly three months.
It tested levels close to 1.0630 which is the next critical support; the confluence of a horizontal level and the 200-day moving average. A break to the downside would clear the way for a test of 1.0600. The next supports are at 1.0580.
A bounce in AUD / NZD to 1.0730 should not be ruled out and would be seen as a correction. If the Aussie manages to climb above 1.0770, it could remove the bearish bias.
Credits: Forex Street
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