AUD/NZD Price Analysis: Bulls face resistance near 1.0730

AUD/NZD remains muted in the Asian session on Friday.
Cross seeks additional gains above 20-hour SMA.
MACD in oversold zone throws caution on aggressive bids.

Rekha Chauhan Independent Analyst

The AUD/NZD price trades cautiously in the Asian trading hours. The cross confides its move in a narrow trading band.

At the time of writing, AUD/NZD trades at 1.0715, up 0.05% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD cross-currency pair faces stiff resistance near the 1.0730 mark. The pair moved in a broader range of 1.0710-1.0780 inside a rectangle formation with a single day breakout on May 26. The cross touched the multi-month low near 1.0590. However, AUD/NZD rallied back to the 1.0730 level in the previous seven sessions.

If prices make a sustained move above the 20-hour Simple Moving Average (SMA) at 1.0727, which also coincides with the session’s high, then it could touch the 1.0750 horizontal resistance level followed by the high of May 25 in the vicinity of the 1.0765 area.

The Moving Average Convergence Divergence (MACD) trades on oversold zone with a bullish crossover. The stretched selling conditions signal underlying upside momentum. In doing so, AUD/NZD bulls could attack at the upper rectangle level at 1.0800.

Alternatively, any downtick in MACD could make more downward movement near to the previous day’s low at 1.0691 followed by the low of June 2 at 1.0670.

Next, market participants would aim for the 1.0650 horizontal support level.

AUD/NZD Additional Levels

AUD/NZD

Overview
Today last price	1.072
Today Daily Change	0.0009
Today Daily Change %	0.08
Today daily open	1.0711

Trends
Daily SMA20	1.0733
Daily SMA50	1.0782
Daily SMA100	1.0762
Daily SMA200	1.0735

Levels
Previous Daily High	1.0721
Previous Daily Low	1.067
Previous Weekly High	1.0799
Previous Weekly Low	1.06
Previous Monthly High	1.0851
Previous Monthly Low	1.06
Daily Fibonacci 38.2%	1.0702
Daily Fibonacci 61.8%	1.069
Daily Pivot Point S1	1.068
Daily Pivot Point S2	1.0649
Daily Pivot Point S3	1.0629
Daily Pivot Point R1	1.0732
Daily Pivot Point R2	1.0752
Daily Pivot Point R3	1.0783

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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