AUD/NZD Price Analysis: Bears lookout for a break below double bottom near 1.0390

AUD/NZD trades lower on Wednesday in the Asian session.
Bulls attempt to defend the critical support near 1.0390.
Momentum oscillators adopt a watch-and-the-wait approach before any aggressive bets.

Rekha Chauhan Independent Analyst

AUD/NZD extends the previous day’s losses on Wednesday in the Asian session. The pair hovers in a narrow trade band.

At the time of writing, AUD/NZD is trading at 1.0397, down 0.05% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been under selling pressure from the high of 1.0727 made on July 14.

The descending trendline act as a barrier for the bulls. The formation of a Doji candlestick indicates indecisiveness among traders.

A sustained move below the intraday low would bring more selling interest in the pair.

In doing so, the first lower target could be found at the previous session’s low of 1.0380.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD would accelerate the selling momentum toward the 1.0365 horizontal support level.

Next, AUD/NZD bears would target the low of August 31 at 1.0337.

Alternatively, if price moves higher, it could test the 20-day Simple Moving Average (SMA) at 1.0435

A daily close above the bearish slop line would prompt bulls to testify the 1.0475 horizontal resistance level.

Next, the market participants will keep their eyes on the high of August 23 at 1.0533.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price	1.0398
Today Daily Change	-0.0005
Today Daily Change %	-0.05
Today daily open	1.0403

Trends
Daily SMA20	1.044
Daily SMA50	1.0539
Daily SMA100	1.0644
Daily SMA200	1.069

Levels
Previous Daily High	1.0455
Previous Daily Low	1.038
Previous Weekly High	1.0448
Previous Weekly Low	1.0338
Previous Monthly High	1.0592
Previous Monthly Low	1.0338
Daily Fibonacci 38.2%	1.0409
Daily Fibonacci 61.8%	1.0427
Daily Pivot Point S1	1.037
Daily Pivot Point S2	1.0337
Daily Pivot Point S3	1.0295
Daily Pivot Point R1	1.0445
Daily Pivot Point R2	1.0488
Daily Pivot Point R3	1.0521

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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