AUD/NZD Price Analysis: Bulls need validation from 1.0440

AUD/NZD remains firmer around a three-week high, up for the fourth consecutive day.
Sustained break of two-month-old descending trend line, bullish MACD favor buyers.
Convergence of 50-DMA, resistance line from June challenge immediate upside.

Anil Panchal FXStreet

AUD/NZD prints a four-day uptrend surrounding the monthly high, defending the 1.0400 threshold amid Wednesday’s Asian session.

In doing so, the currency pair extends the early-week breakout of a descending resistance line, now support around 1.0350, from late July amid bullish MACD.

However, a confluence of 50-DMA and a 2.5-month-old resistance line, near 1.0440, becomes an immediate challenge for the AUD/NZD bulls to justify their strength.

Should the quote manages to cross the 1.0440 hurdle, the monthly peak near 1.0455 may act as an extra filter to the north before fueling it towards the late August tops surrounding 1.0545.

Meanwhile, pullback moves remain less worrisome until staying beyond the resistance-turned-support line near 1.0350.

Following that, the monthly low around 1.0300, also the lowest level since April 2020, will be in the spotlight.

AUD/NZD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.0408
Today Daily Change	0.0025
Today Daily Change %	0.24%
Today daily open	1.0383

Trends
Daily SMA20	1.0361
Daily SMA50	1.0444
Daily SMA100	1.0585
Daily SMA200	1.0671

Levels
Previous Daily High	1.0397
Previous Daily Low	1.0335
Previous Weekly High	1.0365
Previous Weekly Low	1.0287
Previous Monthly High	1.0592
Previous Monthly Low	1.0338
Daily Fibonacci 38.2%	1.0373
Daily Fibonacci 61.8%	1.0358
Daily Pivot Point S1	1.0346
Daily Pivot Point S2	1.0309
Daily Pivot Point S3	1.0284
Daily Pivot Point R1	1.0409
Daily Pivot Point R2	1.0434
Daily Pivot Point R3	1.0471

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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