- AUD/NZD heads for a weekly loss, avoids close sunder 1.0600.
- Consolidation mode still rules, risks tilted to the downside.
The AUD/NZD is about to post the lowest weekly close since early May. Over the week, the cross approached the 1.0600 area and rebounded while on the upside again, it failed to hold above 1.0700.
The consolidation phase is likely to continue over the next days. Risks are tilted to the downside. A firm break under 1.0600 would open the doors to more losses, targeting the 1.0500 zone.
On the upside, the aussie needs to post a weekly close clearly above 1.0700 to gain momentum for another test to 1.0800. Before that area, an interim resistance emerges at 1.0750.
On a wider perspective, the 1.0830/50 continues to be a critical resistance band that if broken would suggest more gains for the pair over the medium term.
AUD/NZD weekly chart
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