AUDNZD: Potential Sell-Off to 1.06600
The AUDNZD currency pair is on a downward trend, with bears targeting the 1.06600 level. This move is being driven by expectations of a rate cut by the Reserve Bank of Australia (RBA) in the coming months. The RBA is under pressure to cut rates in order to support the Australian economy, which is facing headwinds from the ongoing trade war between the United States and China. A rate cut would make the Australian dollar less attractive to investors, leading to a sell-off in the AUDNZD pair.
Traders who are looking to short the AUDNZD pair should keep an eye on the following levels:
1.07000: This is the immediate support level. If this level breaks, the next target for bears will be 1.06600.
1.08000: This is the resistance level. If bulls are able to push the price above this level, the AUDNZD pair could rally towards 1.09000.
Disclaimer: This is not financial advice. Always do your own research before making any trading decisions.
Traders who are looking to short the AUDNZD pair should keep an eye on the following levels:
1.07000: This is the immediate support level. If this level breaks, the next target for bears will be 1.06600.
1.08000: This is the resistance level. If bulls are able to push the price above this level, the AUDNZD pair could rally towards 1.09000.
Disclaimer: This is not financial advice. Always do your own research before making any trading decisions.