AUD/NZD Price Analysis: Bulls face resistance near 1.0730
|- AUD/NZD remains muted in the Asian session on Friday.
- Cross seeks additional gains above 20-hour SMA.
- MACD in oversold zone throws caution on aggressive bids.
The AUD/NZD price trades cautiously in the Asian trading hours. The cross confides its move in a narrow trading band.
At the time of writing, AUD/NZD trades at 1.0715, up 0.05% for the day.
AUD/NZD daily chart
On the daily chart, the AUD/NZD cross-currency pair faces stiff resistance near the 1.0730 mark. The pair moved in a broader range of 1.0710-1.0780 inside a rectangle formation with a single day breakout on May 26. The cross touched the multi-month low near 1.0590. However, AUD/NZD rallied back to the 1.0730 level in the previous seven sessions.
If prices make a sustained move above the 20-hour Simple Moving Average (SMA) at 1.0727, which also coincides with the session’s high, then it could touch the 1.0750 horizontal resistance level followed by the high of May 25 in the vicinity of the 1.0765 area.
The Moving Average Convergence Divergence (MACD) trades on oversold zone with a bullish crossover. The stretched selling conditions signal underlying upside momentum. In doing so, AUD/NZD bulls could attack at the upper rectangle level at 1.0800.
Alternatively, any downtick in MACD could make more downward movement near to the previous day’s low at 1.0691 followed by the low of June 2 at 1.0670.
Next, market participants would aim for the 1.0650 horizontal support level.
AUD/NZD Additional Levels
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