AUD/NZD technical analysis: 100-DMA exerts downside pressure
|- AUD/NZD repeatedly fails to clear 100-DMA.
- 21-DMA, 1.0400 seem nearby supports to watch.
Despite its latest recovery, AUD/NZD remains below the 100-day simple moving average (DMA) while trading near 1.0475 on early Tuesday.
With the pair’s repeated failures to rise beyond near-term key resistance, chances of its declines to 21-DMA level of 1.0427 and then a consequent declines to 1.0400 round-figure are much brighter.
If the quote drops beneath 1.0400 round-figure, 23.6% Fibonacci retracement of April – August south-run around 1.0375 could please sellers.
On the upside, 50% Fibonacci retracement level of 1.0500 acts as immediate resistance ahead of 100-DMA level of 1.0525.
Given the pair’s ability to rise past-1.0525 on a daily closing basis, 61.8% Fibonacci retracement level of 1.0555 and mid-June high near 1.0590 can come back on the chart
AUD/NZD daily chart
Trend: Bearish
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.