The Australian dollar in pair with the New Zealand dollar has been in consolidation for four weeks now. The price of the pair moved between 1.0590 and 1.0690. The new week began with an upward gap in response to the weakening of trade tension between the US and China. Monday, however, was marked by strong declines, and the price eventually fell below the lower limit of the range.
The bears are aiming at 1,0500
Descent below the last low opened the way to another important support around the round level of 1,0500. For the last time the price of AUDNZD was there in April of this year. Although the space for falls is not too high, but you can think about a short position.
In the case of a return to growth, demand is limited by the resistance of 1.0690. Only a breakout above 1.07 could open the way to further growths, which could reach around 1.0850 or even 1,1000.