AUD/NZD Technical Analysis: Bears aim for 1.0570 as 4-week old support-line breaks after Aussie CPI
|AUD/NZD trades around the lowest level in a week to 1.0630 during early Wednesday. The pair slipped beneath an upward sloping trend-line stretched since late-March after Australia’s headline inflation numbers, namely consumer prices index (CPI) and RBA trimmed mean CPI, lagged behind market consensus and prior readings.
In addition to breaking near-term support-line, the quote is also testing the 23.6% Fibonacci retracement of its March to April upside, at 1.0620, which if broken could further weaken the pair in direction to 1.0570 horizontal-line.
If prices keep trading southward under 1.0570, 1.0530 and 1.0500 are likely following numbers to appear on the chart.
During the reversal/pullback, 1.0640 and 1.0670 can be considered as nearby resistances whereas a weeklong descending trend-line at 1.0680 may challenge buyers then after.
Should there be increased buying pressure past-1.0680, 1.0700 and 1.0730 could become Bulls’ favorites.
AUD/NZD 4-Hour chart
Trend: Bearish
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