Australian Dollar/New Zealand Dollar (AUD/NZD) Exchange Rate

A combination of fundamental developments has caused a violent sell-off in the AUD/NZD.

Financial markets started to stutter as delays in the US-China phase one trade truce have increased fears that severe issues remain, even on the parts which analysts claimed were the easiest to accomplish

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A breakout above its short-term resistance zone was not sustained and the AUD/NZD quickly reversed back into its support zone from where the advance originated.

Following the release of the Australian employment report, which came in roughly in line with expectations, the Australian Dollar drifted to the downside.

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The Australian Dollar has been under pressure from two fundamental factors which led to a breakdown in the AUD/NZD below its resistance zone and a rise in bearish momentum.

The Australian Dollar, home to a bigger and more diversified economy than the New Zealand economy, has enjoyed a strong rally against its smaller neighbour the New Zealand Dollar

The Australian dollar has rallied quite significantly during the month of August against the New Zealand dollar, essentially forming what could be thought of as a “double bottom” in the market near the 1.0250 NZD level.

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The AUD/NZD pair had a negative month of May, reaching towards the 1.05 level.

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The Australian Dollar touched on a 3-week peak against the US Dollar.

The AUD/NZD pair initially fell during the course of the session on Tuesday, but then turned back around to show significant resistance above.

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The AUD/NZD pair fell initially during the course of the day on Tuesday, but found quite a bit of buying below the 1.10 level to turn things back around and form a hammer.

The New Zealand Dollar fell earlier after the Reserve Bank of New Zealand lowered its benchmark rate.

The AUD/NZD pair fell rather hard during the course of the session on Monday, as the markets continue to chop.

As you can see on the weekly chart, we have formed a hammer at the 1.10 level during the course of the final week for July. That being the case, the market looks as if we are reaching an inflection point.