AUD/NZD Price Analysis: At monthly lows, testing levels under 1.0700

Kiwi extends rally after elections in New Zealand, posts seventh consecutive daily gain versus aussie.
Consolidation below 1.0700 in AUD/NZD to clear the way to 1.0630.

Matías Salord FXStreet

The AUD/NZD pair is finding no support and it broke below 1.0700, opening the doors to more losses. The next target on the downside is seen at 1.0630, with intermediate support at 1.0665. The cross bottomed on Monday at 1.0684, the lowest since July 28.

Short-term technical indicators could favor some consolidation after falling during seven consecutive days, but no signs of stabilization are seen so far. The bearish bias is clear, and recovery above 1.0750 could alleviate the pressure.

On a wider perspective, AUD/NZD will likely retain a negative bias while under 1.0780/90 (convergence of the 20- and 100-day moving averages).

AUD/NZD daily chart

AUD/NZD

Overview
Today last price	1.0691
Today Daily Change	-0.0031
Today Daily Change %	-0.29
Today daily open	1.0722

Trends
Daily SMA20	1.08
Daily SMA50	1.0864
Daily SMA100	1.0783
Daily SMA200	1.0622

Levels
Previous Daily High	1.0761
Previous Daily Low	1.0698
Previous Weekly High	1.087
Previous Weekly Low	1.0698
Previous Monthly High	1.0966
Previous Monthly Low	1.0712
Daily Fibonacci 38.2%	1.0722
Daily Fibonacci 61.8%	1.0737
Daily Pivot Point S1	1.0692
Daily Pivot Point S2	1.0663
Daily Pivot Point S3	1.0629
Daily Pivot Point R1	1.0756
Daily Pivot Point R2	1.079
Daily Pivot Point R3	1.0819

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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