AUDNZD Chart Technical Outlook

AUDNZD Chart Technical Outlook is in a bearish correction, bears are focusing on the 1.0845 support area

The Australian Dollar peaked at 1.0950 in early April and is correcting lower. The RBNZ is showing a more hawkish profile than the RBA, and that is fuelling Kiwi’s recovery.

The immediate bias is moderately bearish but the 1.0845 – 60 support area might hold sellers for some time. Below here, the next target is 1.0770. On the upside, an order block at 1.0930 might give a fresh boost for bears. Above 1.9050 the corrective phase would be negated, and the focus would shift towards 1.1000 and the June 2023 high at 1.1055.

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