AUD/NZD Price Analysis: Bears challenge 1.0670 support level

AUD/NZD has been moving in continuous downward momentum since it made a high of 1.0816 on June 11.
Pair dropped below 200-day SMA with lower levels on the cards.
Momentum oscillators remained in favor of bearish momentum.

Rekha Chauhan Independent Analyst

AUD/NZD accumulated losses on Wednesday in the Asian trading hours. The pair opened higher, albeit fizzled out rather than quickly to touch the intraday low of 1.0673 in a 20 pips movement.

At the time of writing, AUD/NZD is trading at 1.0680, down 0.14% for the day.

AUD/NZD daily chart

On the daily chart, after touching the high of 1.0816 on June 11, the AUD/NZD pair has been under selling pressure.

AUD/NZD slips below the 200-day Simple Moving Average (SMA) at 1.0722 in the prior session.

That said, if price sustained below the intraday low, it could retest the previous day’s low in the vicinity of the 1.0660 area.

The Moving Average Convergence Divergence (MACD) indicator trades below the midline with a bearish crossover. Any downtick in the MACD would drag price toward the 1.0645 horizontal support level.

Next, AUD/NZD bears would target the low of June 1 at 1.0622.

Alternatively, if price moves higher, it would first test the 1.0700 key psychological mark followed by the previous day’s high at 1.0730.

Further, a daily close above the 200-day SMA would mark the reversal of the earlier downside trend. The bulls attempt to test the 1.0755 horizontal resistance level.

AUD/NZD additional level

AUD/NZD

Overview
Today last price	1.068
Today Daily Change	-0.0016
Today Daily Change %	-0.15
Today daily open	1.0696

Trends
Daily SMA20	1.0757
Daily SMA50	1.0745
Daily SMA100	1.0771
Daily SMA200	1.0723

Levels
Previous Daily High	1.073
Previous Daily Low	1.0663
Previous Weekly High	1.0771
Previous Weekly Low	1.0692
Previous Monthly High	1.0817
Previous Monthly Low	1.0622
Daily Fibonacci 38.2%	1.0689
Daily Fibonacci 61.8%	1.0705
Daily Pivot Point S1	1.0662
Daily Pivot Point S2	1.0629
Daily Pivot Point S3	1.0595
Daily Pivot Point R1	1.073
Daily Pivot Point R2	1.0764
Daily Pivot Point R3	1.0797

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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