AUD/NZD Price Analysis: Bears have reasons to attack 1.0900

AUD/NZD stays pressured near two-week low, fails to keep bounce off 1.0919.
MACD turns bearish for the first time in six weeks after the break of a one-month-old support line.
21-day EMA, an ascending trend line from July 13 are in the spotlight.

Anil Panchal FXStreet

AUD/NZD drops to 1.0925 amid the initial Asian session trading on Thursday. The pair marked the week’s biggest losses after breaking an upward sloping trend line support, now resistance, the previous day. The bearish bias also gains support from the MACD histogram that left the bullish region after six weeks of stay.

As a result, sellers can target a 21-day EMA level of 1.0894 as nearby support ahead of the rising trend line from July near 1.0880.

In a case where the bears refrain from respecting 1.0880 support, the August 05 top surrounding 1.0865 may offer an intermediate halt before highlighting the July month’s peak close to 1.0800.

Alternatively, 10-day EMA and the support-turned-into-resistance-line, respectively around 1.0940 and 1.0955, restrict the pair’s immediate upside.

Also acting as the short-term key resistance is the 1.1000 psychological magnet that holds the gate for the bull’s run-up to challenge the monthly top near 1.1045.

AUD/NZD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.0925
Today Daily Change	-0.0063
Today Daily Change %	-0.57%
Today daily open	1.0988

Trends
Daily SMA20	1.0884
Daily SMA50	1.0755
Daily SMA100	1.0709
Daily SMA200	1.0549

Levels
Previous Daily High	1.1003
Previous Daily Low	1.0938
Previous Weekly High	1.1045
Previous Weekly Low	1.0927
Previous Monthly High	1.0802
Previous Monthly Low	1.0559
Daily Fibonacci 38.2%	1.0978
Daily Fibonacci 61.8%	1.0963
Daily Pivot Point S1	1.095
Daily Pivot Point S2	1.0912
Daily Pivot Point S3	1.0886
Daily Pivot Point R1	1.1015
Daily Pivot Point R2	1.1041
Daily Pivot Point R3	1.1079

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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