AUD/NZD Price Analysis: Bulls struggle near 50-day SMA in rising channel

AUD/NZD prints some mild gains on the first day of the fresh trading week. The pair confides in a very narrow trade band and swings back and forth in the known territories.

As of writing, AUD/NZD trades at 1.0789 with 0.07% gains for the day.

AUD/NZD 60-minute chart

On the 60-minute chart, the AUD/NZD currency pair moves in a rising channel, while bulls face upside pressure near 1.0805.

AUD/NZD bulls remain hopeful as long price sustains above the 50-day Simple Moving Average (SMA) at 1.0783. 

That said if price breaks above the session’s high at 1.0796 then a potential upside toward the previous day’s high at 1.0814 can not be ruled out. This also coincides with the upper trading line of the channel.

In doing so, there is plenty of room for the pair to test the levels last seen in April. The first in line would be the April 20 high at 1.0825 followed by the 1.0851 mark touched on April 19.

Alternatively, the receding Moving Average Convergence Divergence (MACD) indicator signals some negative bias in the price. Any downtick in the MACD could bring sellers back into action.

AUD/NZD bears would target the 1.0775 horizontal support level, while keeping an eye on June 17 low at 1.0743.

The next area support could be located at the June 8 low at 1.0714.

AUD/NZD additional levels