AUD/NZD Price Analysis: Bulls losing conviction below 1.0800

AUD/NZD consolidates in the Asian session.
Holding onto the 1.0750 key psychological level.
Oversold momentum oscillator caution against aggressive bids.

Rekha Chauhan Independent Analyst

The AUD/NZD seesaws in the Asain session on the last trading day of the week. The pair confides in a narrow trading band of 1.0750-1.0770 with modest losses.

At the time of writing, the AUD/NZD trades at 1.0762, down 0.07% on the day.

AUD/NZD daily chart

On the daily chart, the cross has been consolidating near the 1.0750 key psychological mark. On moving higher, the first area of resistance would be the 50-hour Simple Moving Average (SMA) at 1.0800 followed by May 4 high at 1.0824.

The next area of resistance would be the 1.0845 horizontal resistance level.

Alternatively, the oversold Moving Average Convergence Divergence (MACD) indicates stretched selling opportunities. However, any downtick could propel the prevailing downward trend. In doing so, the first stoppage could be the lows of May 7 at 1.0740.

Market participants would next be looking out for the 1.0720 horizontal support level followed by monthly lows at 1.0698.

AUD/NZD Additional Levels

AUD/NZD

Overview
Today last price	1.0767
Today Daily Change	-0.0012
Today Daily Change %	-0.11
Today daily open	1.0779

Trends
Daily SMA20	1.0769
Daily SMA50	1.0805
Daily SMA100	1.076
Daily SMA200	1.075

Levels
Previous Daily High	1.0851
Previous Daily Low	1.0747
Previous Weekly High	1.0824
Previous Weekly Low	1.0716
Previous Monthly High	1.0927
Previous Monthly Low	1.0698
Daily Fibonacci 38.2%	1.0787
Daily Fibonacci 61.8%	1.0811
Daily Pivot Point S1	1.0734
Daily Pivot Point S2	1.0689
Daily Pivot Point S3	1.063
Daily Pivot Point R1	1.0838
Daily Pivot Point R2	1.0896
Daily Pivot Point R3	1.0941

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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