- Kiwi extends rally after elections in New Zealand, posts seventh consecutive daily gain versus aussie.
- Consolidation below 1.0700 in AUD/NZD to clear the way to 1.0630.
The AUD/NZD pair is finding no support and it broke below 1.0700, opening the doors to more losses. The next target on the downside is seen at 1.0630 with intermediate support at 1.0665. It bottomed on Monday at 1.0684, the lowest since July 28.
Short-term technical indicators could favor some consolidation after falling during seven consecutive days, but no signs of stabilization are seen so far. The bearish bias is clear, and a recovery above 1.0750 could alleviate the pressure.
On a wider perspective, AUD/NZD will likely continue to have a negative bias while under 1.0780/90 (convergence of the 20 and 100-day moving averages).
AUD/NZD daily chart
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