AUD/NZD Price Analysis: Bears challenge 20-day SMA near 1.0320

AUD/NZD begins the new trading week on a negative note in the Asian trading session.
Further downside expected for the pair if price breaks the ascending trendline.
Momentum oscillator holds onto oversold zone with receding momentum.

Rekha Chauhan Independent Analyst

AUD/NZD prints fresh daily losses on the first trading day of the new trading week. The pair travelled to the intraday high of 1.0330 but the momentum fizzled out rather quickly to test the lower levels. At the time of writing, AUD/NZD is trading at 1.0320, down 0.22% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been trading inside the ascending triangle technical formation from the low of 1.0278 made on Thursday.

Now, if the spot breaks the bullish sloping line, which also coincides with the 20- day Simple Moving Average (SMA) at 1.0315, more downside momentum in the pair can not be ruled out. That being said, the first downside target could be found at the 1.0300 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD would accelerate the downside momentum toward the 1.0285 horizontal support level Furthermore, daily close below Thursday’s low would bring multi-year lows level last seen in April back into action.

Alternatively, if the price moves higher, it could test the previous session’s high of 1.0336 followed by the 1.0350 horizontal resistance level.

AUD/NZD additional levels

Overview
Today last price	1.0321
Today Daily Change	-0.0022
Today Daily Change %	-0.21
Today daily open	1.0343

Trends
Daily SMA20	1.039
Daily SMA50	1.0481
Daily SMA100	1.0611
Daily SMA200	1.0681

Levels
Previous Daily High	1.0351
Previous Daily Low	1.0294
Previous Weekly High	1.0398
Previous Weekly Low	1.0278
Previous Monthly High	1.0592
Previous Monthly Low	1.0338
Daily Fibonacci 38.2%	1.0329
Daily Fibonacci 61.8%	1.0316
Daily Pivot Point S1	1.0307
Daily Pivot Point S2	1.0272
Daily Pivot Point S3	1.025
Daily Pivot Point R1	1.0365
Daily Pivot Point R2	1.0386
Daily Pivot Point R3	1.0422

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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