- AUD/NZD consolidates the previous day’s gain on Wednesday.
- Additional gains for the cross if price decisively breaks 1.0760.
- Oversold momentum oscillator tilts in favor of Bulls.
The AUD/NZD price extends the previous day’s gains in the Asian session. The cross-currency pair posted remarkable gains on Tuesday from the lows of 1.0714 to touch the session’s high at 1.0762.
At the time of writing, AUD/NZD trades at 1.0757, up 0.3% for the day.
AUD/NZD daily chart
On the daily chart, the AUD/NZD pair has been consolidating near the 1.0760 key psychological mark. AUD/NZD traded in a rectangle formation in a broader range of 1.0755-1.0800, before breaking on May 25. Outside the formation, the AUD/NZD cross touched the low of 1.0599 in a span of two days.
The pair is now hovering near the lower trade band of the above mentioned rectangle formation. If price sustains above 1.0760, then it has the potential to push higher near the 1.0775 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) trades onto oversold territory with a bullish crossover. AUD/NZD bulls would next try to capture the May 21 high at 1.0810.
The next area of resistance for the cross would be located at the 1.0825 horizontal resistance level.
Alternatively, if price moves lower, then the immediate support could be found at the 1.0740 horizontal support level followed by the 20-hour Simple Moving Average (SMA) at 1.0725.
Market participants would then aim for the June 4 low at 1.0702.
AUD/NZD Additional Levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.