AUD/NZD Price Analysis: Bears attacks critical support near 1.0540

AUD/NZD remains muted in the Asain trading session on Friday.
Additional loose envisioned for the pair if price breaks 1.0540.
Momentum oscillators indicate underlying bearish sentiment

Rekha Chauhan Independent Analyst

AUD/NZD treads water on the last trading week of the day in the Asian trading hours. The pair lacks direction and hovers in a narrow price band.

At the time of writing, AUD/NZD is trading at 1.0554, down 0.01% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been trading below the 20-day Simple Moving Average (SMA) near 1.0623.

A sustained move above the intraday low would bring more selling opportunities.

In doing so, the levels last seen in 2020 could be back in action with the first lower target at 1.0512 low of December 9, 2020, followed by the previous day’s low in the vicinity of 1.0500.

The Moving Average Convergence Divergence (MACD) indicator holds in the oversold zone. Any downtick in the MACD would accelerate the selling pressure toward December 4, a low of 1.0506.

Alternatively, if price moves higher, it would retest the 1.0585 horizontal resistance level.

Further, AUD/NZD bulls would aim for the previous day’s high at 1.0641

The market participants will keep their eyes on the 1.0697 horizontal resistance level.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price	1.0556
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	1.0553

Trends
Daily SMA20	1.0632
Daily SMA50	1.0694
Daily SMA100	1.075
Daily SMA200	1.0709

Levels
Previous Daily High	1.0641
Previous Daily Low	1.0543
Previous Weekly High	1.0616
Previous Weekly Low	1.0539
Previous Monthly High	1.0817
Previous Monthly Low	1.0622
Daily Fibonacci 38.2%	1.058
Daily Fibonacci 61.8%	1.0604
Daily Pivot Point S1	1.0517
Daily Pivot Point S2	1.0481
Daily Pivot Point S3	1.0419
Daily Pivot Point R1	1.0615
Daily Pivot Point R2	1.0677
Daily Pivot Point R3	1.0713

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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