AUD/NZD consolidating around 1.0700

FXStreet (Córdoba) - AUD/NZD was able to erase losses during the American session and climbed from 1.0672, 2-week low, but toward the 1.0700 zone. The aussie and the kiwi area both falling sharply against the US dollar amid risk aversion and a stronger greenback.

AUD/NZD outlook

The pair is consolidating today and for the second day in a row is about to end practically unchanged but the short term bias still points to the downside. Today for the fourth consecutive trading day AUD/NZD reached a fresh weekly lows, while hitting lower highs.

The area around 1.0650 and 1.0675 is an important support level. A break lower could open the doors for another decline, that is likely to expose 1.0600.