AUD/NZD Price Analysis: Bears challenge 1.0750 mark

AUD/NZD accumulates gains below 1.0760 in the Asian session.
More downside envisioned if price breaks below 1.0750.
Momentum oscillator remains on oversold zone caution on any directional bets.

Rekha Chauhan Independent Analyst

The AUD/ NZD price makes consolidative moves in the Asian session. The cross is confined in a very narrow trading band following the downbeat Westpac Consumer Confidence data which fell to 4.7% MoM in May.

At the time of writing, AUD/NZD is trading at 1.0757, down 0.04% on the day.

AUD/NZD daily chart

On the daily chart, the cross has been consolidating near the 1.0750 mark, with multiple bottom formations making it a critical level to trade. The descending trend line from the high of 1.0947 acts as a defensive for the bulls.

If price breaks below the above mentioned key psychological mark, then it would intensify the selling pressure towards Monday low at 1.0722. The next level on the radar of AUD/NZD bears would be the May 14 low at 1.0714.

The Moving Average Convergence Divergence (MACD) indicator reads below the midline with a neutral stance. Any downtick would open the gates for the April 30 low in the vicinity of the 1.0695 area.

Alternatively, if price makes a sustained move above the 20-day Simple Moving Average (SMA) at 1.0760, then it would meet the first hurdle at the previous day high at 1.0790. The bulls would then have the opportunity to test the 1.0815 horizontal resistance level followed by the May 13 high at 1.0850.

AUD/NZD Additional Levels

AUD/NZD

Overview
Today last price	1.0763
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.0761

Trends
Daily SMA20	1.0763
Daily SMA50	1.0805
Daily SMA100	1.0763
Daily SMA200	1.0749

Levels
Previous Daily High	1.079
Previous Daily Low	1.0736
Previous Weekly High	1.0851
Previous Weekly Low	1.0715
Previous Monthly High	1.0927
Previous Monthly Low	1.0698
Daily Fibonacci 38.2%	1.0757
Daily Fibonacci 61.8%	1.0769
Daily Pivot Point S1	1.0735
Daily Pivot Point S2	1.0709
Daily Pivot Point S3	1.0681
Daily Pivot Point R1	1.0789
Daily Pivot Point R2	1.0816
Daily Pivot Point R3	1.0842

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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