AUD/NZD Price Analysis: Bulls struggle to break above 1.0800 mark
|- AUD/NZD continues to move in a range bound manner on Tuesday.
- Bulls need to breach the 1.0800 mark for a sustainable upside trend.
- Momentum oscillator holds onto the positive territory with a neutral outlook.
AUD/NZD edges higher in the initial Asian session. The pair makes a consolidative move for the fifth straight session.
At the time of writing, AUD/NZD is trading at 1.0787, up 0.07% gains.
AUD/NZD daily chart
On the daily chart, the AUD/NZD has been consolidating near the 1.0800 mark with multiple top formations. The downward trendline from the high of 1.0947 acts as a strong resistance barrier for the bulls.
A sustained move above the 1.0800 mark could push AUD/NZD higher towards the June 18 high in the vicinity of the 1.0815 area, which also coincides with the bearish sloping line.
Next, the AUD/NZD bull’s target could be located at the 1.0825 horizontal resistance level.
The Relative Strength Index (RSI) indicator reads above 50. The reading signifies underlying bullish sentiment for the pair while keeping the level last seen in April in its sight.
The next area of resistance would be the high of April 19 at 1.0851.
Alternatively, any downtick in the RSI could invalid the previous price action The cross could test the 1.0750 horizontal support level followed by the June 8 low at 1.0714.
Market participants would then aim for the low of June 4 near the 1.0700 level.
AUD/NZD additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.