Aussie continues to lag behind as AUD/NZD posts fresh year lows

Technical Analysis

Author: Justin Low | audnzd

The AUD is now the weakest performing major currency today

While the kiwi is sitting just behind the greenback in terms of performance today, the aussie is the laggard on the day.

AUD/NZD is now at 1.0689 after touching a low of 1.0684 - which is the lowest the pair has seen since August last year.

This is a pair that has followed technical levels quite closely and obediently in light of all the things that has been going on recently. The pair had a brief back of the 61.8 retracement level at 1.0717 on Friday, but recovered back up only to fail at the support-turned-resistance at 1.0748.

And now the pair is sent back down again as sellers in the aussie emerge. The next level to look out for in the pair is the 1.0600 figure level. If this is any indication, then there is more pain lying ahead for the aussie in the near-term.