AUD/NZD range bound in daily channel

By FXStreet FXStreet (Guatemala) – AUD/NZD is currently trading at 1.1240 with a high of 1.1272 and a low of 1.1226.

AUD/NZD has been fluctuating between a wide range along a sideways channel between circa 1.0900 and 1.1400 while the near term price action is starting to less positive and is testing the 200 SMA at 1.1220.

AUD/NZD rallied earlier in the month from lows of 1.0935 to 1.1347 recent highs where supply has met the upside and has pressured price below the 50 and 20 SMA with a test of the 200 SMA at 1.1223 today with a recent low of 1.1200.

AUD/NZD in a chop

The price action is choppy and the fundamentals weigh more in favour of the upside given the divergence between the RBNZ and RBA where the RBNZ have openly explained they are ready to cut rates substantially depending on data opposed to the RBA and officials who are holding a relatively bullish outlook for the economy.
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Source:: FX Street