The Aussie dollar also struggled against the New Zealand dollar during the past few weeks. Recently, the AUD/NZD pair traded above the 1.1150 resistance and formed a high at 1.1175.

Later, the pair declined sharply and broke the 1.1000 and 1.0900 support levels. There was even a break below the 50-day simple moving average and 1.0880. However, losses were protected near a major ascending channel with current support at 1.0870 on the daily chart.

The pair is currently moving higher towards the 50-day SMA and the 23.6% Fib retracement level of the last decline from the 1.1175 high to 1.0856 low. Above this, the next resistance for buyers is near the 1.0980 level.

Should the pair break the 1.1000 resistance zone and the 50% Fib retracement level of the last decline from the 1.1175 high to 1.0856 low at 1.1015, there could be a push back towards the 1.1150 level in the near term.

On the other hand, if the pair breaks the channel support and settles below 1.0850, there could be a major downward move back towards the 1.0740 and 1.0700 support levels.

Overall, AUD/NZD remains in an uptrend and it could move above 1.1000 as long as the 1.0850 support is intact.

The market outlook is provided by FXOpen broker.
FXOpen - true ECN/STP Forex and cryptocurrency broker.

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