AUD/NZD Price Analysis: Bears challenge critical support near 1.0740
|- AUD/NZD extends the previous session’s sluggish movement on Friday.
- Pair slips below 100-day SMA, additional downside below the 1.0740 mark.
- Momentum oscillators suggest downside momentum.
AUD/NZD trades with a cautious tone on the last trading day of the week in the Asian session. The cross opened higher from the earlier day close, but failed to hold onto the gains and traveled to the low of 1.0732.
At the time of writing, AUD/NZD is trading at 1.0736, down 0.04% for the day.
AUD/NZD daily chart
On the daily chart, the AUD/NZD cross has been trading in a broader range of 1.0720-1.0820 since late April. A downside breakout happened on May 25 after that price tested low of 1.0599 levels last seen in February.
Price traced recovery back to the upper side of the range on June 10, since then it is making downside movement.
A sustained move below the session’s low would bring June 8 low back in the picture at 1.0714. This also marks the break of the long consolidating channel.
In doing so, AUD/NZD bears would aim for the 1.0685 horizontal support level.
The 14-day Relative Strength Index(RSI)indicator reads below 50, which signifies the bearish biasness in the pair. Any downtick in the RSI could test the 1.0650 horizontal support level.
Alternatively, if price moves higher then, it could crawl back to the 100-day Simple Moving Average (SMA) at 1.07708.
The next area of resistance could be located at a June high of 1.0786 followed by the high of a day earlier at 1.0800.
AUD/NZD additional levels
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