- AUD/NZD correct lower from five-month highs, drops below 1.0500.
- Tuesday’s Asian session: RBA minutes and Governor Love speech.
The AUD/NZD peaked on Friday at 1.0624 before turning to the downside. The retreat from the five-month highs found support around the 1.0490 area. The mentioned area is being tested at the moment. A break lower would target the next support at 1.0460.
If the pair extends the correction, the next barrier emerges at 1.0380/90. The uptrendline stands at 1.0295 and should offer support; if the trend is broken, the bullish bias will be invalidated.
Technical indicators in the short-term favors an extension of the correction. A recovery above 1.0530 would alliviate the bearish pressure. The next resistance might be seen at 1.0570.
AUD/NZD daily chart
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