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.
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
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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
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.
