AUD/NZD Price Analysis: Correcting lower after being unable to break 1.0700
- Kiwi recovers strength after Aussie fails around 1.0700.
- AUD/NZD remains bearish, under 1.0650, could drop back to 1.0560.
The AUD/NZD is falling on Tuesday, after testing many days the 1.0700 area. The Aussie failed to rise above, leaving the cross vulnerable to the downside.
The decline so far found support at the 1.0650 zone; a break lower should expose 1.0600. The next strong support stands at 1.0560. A weekly close under 1.0580 should add more bearish pressure.
A daily close clearly above 1.0700 would negate the bearish bias, opening the doors to more gains. The next target is seen in the 1.0800 zone.
AUD/NZD daily chart
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