AUD/NZD Price Analysis: Bulls remain depressed below 1.0800

AUD/NZD remains muted in the Asian session.
The cross is under pressure after touching the high of 1.0816.
Momentum oscillator tilts in favor of bears.

Rekha Chauhan Independent Analyst

The AUD/NZD price edges lower on Wednesday morning in the Asian session. The cross-currency pair extends the previous session’s decline and holds onto the losses.

At the time of writing, AUD/NZD trades at 1.0788, down 0.06% for the day.

AUD/NZD daily chart

On the daily chart, the pair has been consolidating near the 1.0800 mark. The descending trendline from the high of 1.0927 acts as a barrier for the bulls.

If the price breaks the intraday low, then it could instill more selling opportunities in the pair with the first target in place at the 50-day Simple Moving Average (SMA) at 1.0760. The next on the bear's radar would be the 1.0740 horizontal support level.

The Relative Strength Index (RSI) trades below 50, which signifies the downside momentum in the pair. In doing so, the price action would be seen approaching the 1.0725 horizontal support level.

Alternatively, if the price moves to the upside, then AUD/NZD could retest the high of June 11 in the vicinity of the 1.0820 area. This would also coincide with the bearish sloping line.

Above this area, the bulls would attempt to recoup the levels last seen in April. The pair would seek the high of April 19 at 1.0851.

Next, the market participants will move forward to capture the 1.0875 horizontal resistance level.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price	1.0786
Today Daily Change	-0.0009
Today Daily Change %	-0.08
Today daily open	1.0795

Trends
Daily SMA20	1.0729
Daily SMA50	1.0762
Daily SMA100	1.0761
Daily SMA200	1.0729

Levels
Previous Daily High	1.0806
Previous Daily Low	1.0769
Previous Weekly High	1.0817
Previous Weekly Low	1.0714
Previous Monthly High	1.0851
Previous Monthly Low	1.06
Daily Fibonacci 38.2%	1.0783
Daily Fibonacci 61.8%	1.0792
Daily Pivot Point S1	1.0774
Daily Pivot Point S2	1.0753
Daily Pivot Point S3	1.0737
Daily Pivot Point R1	1.0811
Daily Pivot Point R2	1.0827
Daily Pivot Point R3	1.0848

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.