AUD/NZD Price Forecast: Aussie sees early Wednesday break higher against Kiwi
|- The AUD/NZD spent most of Tuesday drifting lower before a late-day break buoyed the pair.
- The Aussie is trading into familiar top end against the Kiwi heading into Wednesday's market session.
- The Kiwi stumbled on an employment data miss, hobbling the NZD's chances to turn bullish.
The AUD/NZD has bumped back over 1.0900 after the Kiwi (NZD) tripped and stumbled in early Wednesday market action, trading back down against the Aussie (AUD) and sending the AUD/NZD tipping back into a near-term high around 1.0930.
Aussie intraday declines sent the AUD/NZD back into the 200-hour Simple Moving Average (SMA) before the pair caught a rebound bid from the moving average.
The pair is trading back into the high end of recent action, but further upside remains limited for the AUD with long-term resistance piling up from the 1.0920 level.
On the down side, prices have been firmly cycling the 200-day SMA for most of the back half of 2023, and it won't take much to push the Aussie back into a bearish pattern in a return to the long-run average.
Technical indicators are also running dry on the high side, with the Relative Strength Index (RSI) and Moving Average Convergence-Divergence (MACD) both tipping into overbought territory, though daily candlestick traders will want to wait for a slow-MA MACD crossover to confirm bearish momentum.
AUD/NZD Hourly Chart
AUD/NZD Daily Chart
AUD/NZD Technical Levels
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