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AUD/NZD Price Analysis: At risk of losing bullish momentum beyond 1.0860

  • The AUD/NZD is seeing downside play after peaking near 1.0920 in the mid-week.
  • The pair has rallied from a low near 1.0640, but topside momentum appears to have emptied the tank.
  • Aussie-Kiwi prices are set to continue cycling the 200-day SMA with a lack of long-term momentum.

The AUD/NZD is trading into 1.0860 after Thursday's market session saw the pair pull back towards the 200-day Simple Moving Average (SMA), tipping into a daily low of 1.0828 as the recent bullish upswing runs out of momentum.

The pair hit a one-month high of 1.0915 on Wednesday after rebounding 2.75% from October's low near 1.0620.

The AUD/NZD has been steadily cycling the 200-day SMA for the majority of the year as the Aussie (AUD) and the Kiwi (NZD) battle it out for supremacy, with neither Antipodean gaining a firm technical foothold on the other.

The Relative Strength Index (RSI) is beginning to rotate downwards once more after losing momentum just shy of the signal line for overbought technical conditions, and the pair could be ripe for a late-stage bullish extension if Aussie traders find new data to chew on.

On the low side, the 50-day SMA continues to consolidate near the 200-day SMA, implying recent moves only had a temporary momentum effect, and the pair is set to see a return to chart paper near 1.0750.

AUD/NZD Hourly Chart

AUD/NZD Daily Chart

AUD/NZD Technical Levels

AUD/NZD

Overview
Today last price1.0864
Today Daily Change-0.0009
Today Daily Change %-0.08
Today daily open1.0873
 
Trends
Daily SMA201.0738
Daily SMA501.0801
Daily SMA1001.083
Daily SMA2001.0819
 
Levels
Previous Daily High1.0915
Previous Daily Low1.086
Previous Weekly High1.0846
Previous Weekly Low1.0654
Previous Monthly High1.0919
Previous Monthly Low1.0718
Daily Fibonacci 38.2%1.0881
Daily Fibonacci 61.8%1.0894
Daily Pivot Point S11.0851
Daily Pivot Point S21.0828
Daily Pivot Point S31.0796
Daily Pivot Point R11.0906
Daily Pivot Point R21.0938
Daily Pivot Point R31.0961

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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