Australian Dollar Setups Across AUD/NZD, GBP/AUD, EUR/AUD Show Mixed Signals

The Australian dollar has been performing well across several currency pairs due to renewed bets of Reserve Bank of Australia (RBA) hikes and relatively firm domestic fundamentals. However, this momentum may be near its peak, leaving room for consolidation in other currencies like the New Zealand dollar, British pound, and euro before the broader trends reassert themselves.

The AUD/NZD pair is approaching a potential bullish breakout on the weekly chart, with a falling wedge pattern forming that could propel prices higher. On the daily chart, a spinning-top doji formation suggests bulls may be losing steam, potentially leading to a pullback towards the weekly pivot point or 10- and 20-day EMAs.

In contrast, the GBP/AUD pair remains under pressure due to divergent themes between the Bank of England and RBA. The weekly chart shows a downtrend with prices potentially moving lower to the 1.88 low. A small doji formation on Monday suggests bears may be seeking to fade moves towards resistance levels.

The EUR/AUD pair also shows signs of wanting to break lower, but near-term risks are skewed to the upside. The weekly chart indicates a dominant downtrend with rising bearish volatility. Prices are holding above support for now, but a break of the March low brings 1.60 into focus.