AUD/NZD slips to year's low, eyes key long-term support level

Technical Analysis

Author: Justin Low | audnzd

AUD/NZD falls further after report emerges that China may potentially use yuan devaluation as a tool against the US

The pair slips to a low of 1.0515 on the day, the lowest point it has touched so far this year and the lowest since last July.

Basing off the recent chart above, the 1.0400 level comes into focus as we move towards the downside. But before we get there, there's another key support level that needs to be broken first.

That is the long-term trendline support stemming from March 2015. The pair last tested the support level in June 2017, before seeing a bounce to the highs above 1.1200 late last year. As of today, a break of that trendline would be somewhere around the region of 1.0470.

As the pair trends lower, that's the next key level to watch out for.

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