AUD/NZD Consolidation Continues
It has been a rough year for both the Australian and the New Zealand dollar. The pair made a low in September at 1.0230 which acted as a support zone, confirming the prior support levels at 1.0022 and 1.0042. After that recent low the Australian dollar started to appreciate against its counterpart going as high as 1.0763.
That level, however, was met with disapproval from the bear camp and they used the resistance created by the 200SMA to bring the price down to lower levels. Since then, the pair has been in consolidation forming a coil with very volatile and uncertain moves to both sides.
Currently, the pair is trading at 1.04640 and, as it appears, it might try to revisit the support level this time slightly below 1.0300. If we see a dip below that line, bears can take control over it and bring it even further below 1.0100.
On the other hand, if we can break above the 200SMA then bulls will have the upper hand.