- AUD/NZD keeps moving slowly back toward 1.0570, remains in a short-term consolidation range.
- A recovery above 1.0750 would alleviate the bearish pressure.
The AUD/NZD is falling for the third day in a row after the spike to near 1.0750. The rebound failed at the 20-day moving average that is critical resistance, now at 1.0715.
The consolidation range between 1.0750 and 1.0630 looks set to continue, with risks titled for a break lower. A daily close under 1.0620 would clear the way for a decline toward 1.0550 (intermediate support at 1.0580).
A close above 1.0750 would alleviate the bearish pressure in the short-term. The next resistance stands at 1.0800. On a wider perspective, the aussie needs to consolidate above 1.0850 (weekly basis) to clear the way to more gains.
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