AUD/NZD price analysis: Aussie holds near 1.0900 as bullish tone persists

AUD/NZD trades around the 1.0900 zone with limited movement in Wednesday’s session.
Mixed signals from momentum indicators, though shorter-term averages favor buyers.
Key support levels sit below, while resistance aligns near recent highs.

Patricio Martín FXStreet

The AUD/NZD pair held near the 1.0900 zone on Wednesday, reflecting a steady bullish tone as the market heads into the Asian session. Price action remains close to the top of its daily range, suggesting that buyers maintain control despite some mixed momentum signals. The broader technical outlook remains supported by shorter-term moving averages, though longer-term resistance levels continue to pose a challenge.

From a technical perspective, the pair presents a cautiously bullish outlook. The Relative Strength Index is in the 60s, indicating neutral conditions without immediate overbought pressure. The Moving Average Convergence Divergence confirms the broader uptrend with a buy signal, reinforcing the positive tone. However, both the Williams Percent Range and Stochastic RSI Fast are signaling overbought conditions, highlighting the potential for a near-term pullback if recent gains fail to hold.

The moving averages provide a more supportive backdrop. The 10-day Exponential and Simple Moving Averages, both positioned near current price levels, reinforce the buy sentiment, reflecting solid short-term support. The 20-day Simple Moving Average also supports the bullish tone, though the 100-day and 200-day Simple Moving Averages remain above current levels, suggesting that broader selling pressure may still limit upside potential over the medium term.

Support levels are located near 1.0870, 1.0870, and 1.0860. Resistance is found at 1.0910, 1.0920, and 1.0950. A break above the immediate resistance zone could confirm a broader breakout, while a move below support might trigger a short-term correction, potentially testing the lower end of the recent range.

Daily Chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

AUD/USD hangs near three-week low, below 0.6950 as traders await US NFP report

AUD/USD hits a three-week low during the Asian session on Friday as the RBA’s dovish shift and a rout in equity markets weigh on the risk-sensitive Aussie. However, the recent slump in US bond yields to a two-month low keeps US Dollar bulls on the back foot and limits losses for the currency pair as traders look to the US NFP report for a fresh impetus.

USD/JPY bounces off three-week low; keeps the red near 157.65 as focus remains on US NFP

USD/JPY bounces off the weekly low set during the Asian session, as bears turn cautious ahead of the US NFP report due later this Friday. The upside seems limited as the recent slump in US bond yields and hopes of Iran war de-escalation undermine the US Dollar. Moreover, a hawkish BoJ and intervention risks support the Japanese Yen, capping the pair.

Gold pares intraday losses; down a little below $4,100 as focus remains on US NFP

Gold recovers most of its early intraday losses, trading with a mild negative bias near $4,070-$4,075. The US Dollar extends Thursday's recovery from its lowest level since late September, exerting some downward pressure on the commodity. Furthermore, a hawkish US Federal Reserve contributes to the precious metal pullback from a two-week high, which it touched the previous day. Bearish traders, however, seem hesitant ahead of the release of US monthly employment details, which should provide a fresh impetus to the precious metal.

Canada Unemployment Rate set to hold at 6.5% as hiring recovers

Statistics Canada will release its October Labour Force Survey on Friday at 13:30 GMT, with markets anticipating a modest recovery in employment following September's sharp decline. The Unemployment Rate will also be closely watched, as the latest figures could influence the Canadian Dollar.

US Nonfarm Payrolls expected to pick up in October

The United States Bureau of Labor Statistics is set to release October Nonfarm Payrolls data on Friday at 13:30 GMT. The report is expected to show an increase of 65K jobs, up from 29K in the previous month.

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.