AUD/NZD Price Analysis: Breaks 10-day-old support trendline after RBA minutes

AUD/NZD drops below the short-term key support after RBA minutes reiterate its bearish bias.
50% Fibonacci retracement, 200-bar SMA confluence is on the bears’ radar.
An upside beyond the weekly high can trigger the fresh recovery.

Anil Panchal FXStreet

AUD/NZD declines to 1.04155 following the RBA minutes’ release during early Tuesday. In doing so, the quote drops below an ascending trend line stretched from February 04.

Read: RBA Minutes: Board prepared to ease policy if needed – Retuers

As a result, sellers are now targeting the confluence of 50% Fibonacci retracement of the pair’s run-up between January 29 and February 11 as well as 200-bar SMA, around 1.0400/395.

During the quote’s further weakness below 1.0395, 61.8% Fibonacci retracement near 1.0370 and 1.0325 can stop the bears from aiming 1.03000 mark.

Alternatively, an upside break of the support-turned-resistance, at 1.0430 now, can challenge the weekly high surrounding 1.0465.

If AUD/NZD prices manage to stay strong beyond 1.0465, the monthly top surrounding 1.0510 could return to the charts.

AUD/NZD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.0417
Today Daily Change	-0.0014
Today Daily Change %	-0.13%
Today daily open	1.0431

Trends
Daily SMA20	1.0392
Daily SMA50	1.0406
Daily SMA100	1.0539
Daily SMA200	1.0549

Levels
Previous Daily High	1.0469
Previous Daily Low	1.0423
Previous Weekly High	1.0508
Previous Weekly Low	1.0394
Previous Monthly High	1.059
Previous Monthly Low	1.029
Daily Fibonacci 38.2%	1.044
Daily Fibonacci 61.8%	1.0451
Daily Pivot Point S1	1.0413
Daily Pivot Point S2	1.0395
Daily Pivot Point S3	1.0367
Daily Pivot Point R1	1.0459
Daily Pivot Point R2	1.0487
Daily Pivot Point R3	1.0505

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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