AUD/NZD Price Analysis: Bulls struggle near-critical resistance at 1.0590
|- AUD/NZD locks gains on Wednesday in the Asain trading session.
- Cross hangs near multi-day resistance, additional gains above 1.0600.
- Momentum oscillators indicate underlying bearish sentiment.
AUD/NZD gains handsome gains on Wednesday after two day’s consolidation on Wednesday.
At the time of writing, AUD/NZD is trading at 1.0589, up 0.01% for the day.
AUD/NZD 4-hour chart
On the 4-hour chart, the AUD/NZD pair has been trading above the 50-day Simple Moving Average (SMA) near 1.0572.
A sustained move above the intraday low high would bring more buying opportunities..
In doing so, the first lower higher is found at the 1.0602 horizontal support level.
The Moving Average Convergence Divergence (MACD) indicator trades below the midline with a bullish crossover. Any uptick in the MACD would accelerate the buying pressure toward July 22 high in the vicinity of 1.0620
Alternatively, if price moves lower, it would retest the 50-day Simple Moving Average at 1.0572, Further, AUD/NZD bears would aim for the previous day’s low at 1.0555.
Market Participants will keep their eyes on the 1.0540 horizontal resistance level.
AUD/NZD addiioanl levels
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