AUD/NZD Price Analysis: Mildly offered inside weekly falling channel
|- AUD/NZD seesaws around intraday low while following the bearish chart pattern.
- Sustained trading below 200-HMA direct sellers to attack 1.0700.
- Bulls can stay away unless witnessing a fresh monthly top.
AUD/NZD remains on the back foot near the day’s low of 1.0727, currently down 0.13% around 1.0735, during Friday’s Asian session.
In doing so, the pair keeps the previous day’s pullback from the resistance line of a descending trend channel established since October 08. Also favoring the sellers could be the quote’s sustained trading below 200-HMA amid normal RSI conditions.
That said, AUD/NZD sellers aim for the 1.0700 threshold as immediate support ahead of testing the mentioned channel’s support near 1.0680.
If at all the bears refrain from stepping back below 1.0680, July’s low near 1.0560 will be on their radars.
Alternatively, an upside break of the channel resistance, at 1.0750 now, will trigger fresh recovery moves towards the 200-HMA level of 1.0810. However, bulls won’t stay easy unless witnessing a daily closing past-1.0906 comprising the monthly high.
AUD/NZD hourly chart
Trend: Bearish
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