AUD/NZD Price Analysis: Bears in control below 1.0600

AUD/NZD snaps two days’ upside momentum on Thursday.
Cross hangs near multi-month resistance, weakness persist below 1.0600
Momentum oscillators indicate underlying bearish sentiment.

Rekha Chauhan Independent Analyst

AUD/NZD pares part to its previous day’s gains in Thursday's Asian session. The pair opened higher, albeit fizzled out quickly to touch the low of 1.0587.

At the time of writing, AUD/NZD is trading at 1.0598, down 0.11% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been trading below the 20-day Simple Moving Average (SMA) near 1.0634.

As the pair is still performing under pressure, a sustained move below the intraday low would bring more weakness.

In doing so, the first lower target is found at the 1.0575 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator trades below the midline with a bearish crossover. Any downtick in the MACD would accelerate the selling toward the 1.0560 horizontal support level.

Next, AUD/NZD bears would target the low of July 27 at 1.0540.

Alternatively, if price moves higher, it would retest the 1.0620 horizontal resistance level.

Further, a daily close above the 20-day SMA would prompt bulls to take over the previous day’s high at 1.0644.

Market Participants will keep their eyes on the 1.0680 horizontal resistance level.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price	1.0602
Today Daily Change	-0.0008
Today Daily Change %	-0.08
Today daily open	1.061

Trends
Daily SMA20	1.064
Daily SMA50	1.0699
Daily SMA100	1.0753
Daily SMA200	1.071

Levels
Previous Daily High	1.0644
Previous Daily Low	1.0564
Previous Weekly High	1.0616
Previous Weekly Low	1.0539
Previous Monthly High	1.0817
Previous Monthly Low	1.0622
Daily Fibonacci 38.2%	1.0614
Daily Fibonacci 61.8%	1.0595
Daily Pivot Point S1	1.0568
Daily Pivot Point S2	1.0526
Daily Pivot Point S3	1.0487
Daily Pivot Point R1	1.0648
Daily Pivot Point R2	1.0687
Daily Pivot Point R3	1.0729

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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