AUD/NZD grinds lower after June highs continue to stall any upside move

Technical Analysis

Author: Justin Low | audnzd

AUD/NZD continues its slow and steady march to the downside

The kiwi has pared losses against the dollar on the day, now trading flat at 0.7362. But the aussie continues to lag behind, resulting in another move lower for AUD/NZD.

The high for the pair today failed to take out yesterday's highs and a double-top pattern has formed in the short-term chart resulting in a rejection that has seen the pair move lower.

On the daily chart, it shows that the rejection there comes at the June highs which is an area that buyers are unable to break through for the time being. It's the same level that was pointed out here yesterday.

Unless buyers are able to find a daily close above that, the pair continues to look set for a test of the multi-year trendline support.

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