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


  • AUD/NZD struggles to find directional strength in the Asian session.
  • Additional gains possible for the pair, if price decisively breaks 1.0800.
  • Momentum oscillator throws caution for aggressive bids.

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

AUD/NZD

Overview
Today last price 1.0795
Today Daily Change 0.0013
Today Daily Change % 0.12
Today daily open 1.0782
 
Trends
Daily SMA20 1.073
Daily SMA50 1.0758
Daily SMA100 1.0764
Daily SMA200 1.0727
 
Levels
Previous Daily High 1.0814
Previous Daily Low 1.0766
Previous Weekly High 1.0814
Previous Weekly Low 1.0744
Previous Monthly High 1.0851
Previous Monthly Low 1.06
Daily Fibonacci 38.2% 1.0796
Daily Fibonacci 61.8% 1.0785
Daily Pivot Point S1 1.0761
Daily Pivot Point S2 1.074
Daily Pivot Point S3 1.0713
Daily Pivot Point R1 1.0808
Daily Pivot Point R2 1.0835
Daily Pivot Point R3 1.0856

 

 

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