AUD/NZD Price Analysis: Bulls defend the critical 1.0760 resistance level
|- AUD/NZD consolidates the previous day’s gain on Wednesday.
- Additional gains for the cross if price decisively breaks 1.0760.
- Oversold momentum oscillator tilts in favor of Bulls.
The AUD/NZD price extends the previous day’s gains in the Asian session. The cross-currency pair posted remarkable gains on Tuesday from the lows of 1.0714 to touch the session’s high at 1.0762.
At the time of writing, AUD/NZD trades at 1.0757, up 0.3% for the day.
AUD/NZD daily chart
On the daily chart, the AUD/NZD pair has been consolidating near the 1.0760 key psychological mark. AUD/NZD traded in a rectangle formation in a broader range of 1.0755-1.0800, before breaking on May 25. Outside the formation, the AUD/NZD cross touched the low of 1.0599 in a span of two days.
The pair is now hovering near the lower trade band of the above mentioned rectangle formation. If price sustains above 1.0760, then it has the potential to push higher near the 1.0775 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) trades onto oversold territory with a bullish crossover. AUD/NZD bulls would next try to capture the May 21 high at 1.0810.
The next area of resistance for the cross would be located at the 1.0825 horizontal resistance level.
Alternatively, if price moves lower, then the immediate support could be found at the 1.0740 horizontal support level followed by the 20-hour Simple Moving Average (SMA) at 1.0725.
Market participants would then aim for the June 4 low at 1.0702.
AUD/NZD Additional Levels
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