- The trend continues to favor the aussie against the kiwi, despite the recent correction.
- AUD / NZD short term critical support at 1.0680 and 1.0620.
AUD / NZD hit 1.0830 on Monday at its highest level since November of last year. It then started a bearish correction which found support at 1.0700. In the past two days, it had moved laterally between 1.0700 and 1.0750.
Downward, below 1.0700, the correction should extend to 1.0680. If the slide then continues in the line is 1.0620 (horizontal line and upward trend). A slide below 1.0620 would cancel the bullish bias.
The uptrend remains in place, but the AUD / NZD encountered major resistance around 1.0830 / 50. A weekly close is needed to pave the way for further gains.