AUD/NZD Price Analysis: More downside below 21-day SMA near 1.0465
|- AUD/NZD edges lower on Monday in the Asian trading hours.
- Kiwi gains momentum against majors post-CPI data.
- The Momentum oscillator holds onto the overbought zone with receding momentum.
AUD/NZD extends the previous week’s downside momentum on Monday in the initial Asian trading hours. The cross-currency pair opens the session higher but fails to sustain the momentum. At the time of writing, AUD/NZD is trading at 1.0473, down 0.27% for the day.
AUD/NZD daily chart
On the daily chart, the AUD/NZD pair has been under selling pressure after testing multi-month highs above 1.0600 on Wednesday. The downside momentum catches further momentum after breaking the 100-day Simple Moving Average (SMA) at 1.0549.
Having said that, if the price breaks the 21-day SMA near 1.0465, it would test the 1.0450 horizontal support level. Overbought Moving Average Convergence (MACD) suggests the possibility of the September 29 low of 1.0397 followed by the 1.0365 horizontal support level.
Alternatively, if the price moves higher, it would first retest the 1.0500 horizontal resistance level followed by Friday’s high at 1.0552. A successful daily close above 100-day SMA would pave the way for the psychological 1.0600 mark.
AUD/NZD additional levels
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