The pair extends its decline to 1.0874
I highlighted earlier in the day that AUD buyers are starting to show signs of exhaustion in their move to the upside, but the selling has been gathering solid momentum in AUD/NZD. After buyers lost control when the price broke below the 200-hour MA (blue line), it's been one-way traffic all the way down today.
The next levels of support comes in at the 10 January low of 1.0871 followed by the 12 January low just under 1.0850.
And the selling in the pair is also helping to keep the kiwi bid on the day as it rises back above the dollar as the second best performing major currency so far. The yen still leads the way while the aussie is lagging behind:
