- 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.
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.
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
Additional important levels
|Today last price||1.0417|
|Today Daily Change||-0.0014|
|Today Daily Change %||-0.13%|
|Today daily open||1.0431|
|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|
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