AUD/NZD Price Analysis: Bulls struggle to break above 1.0780 mark
- AUD/NZD extends the previous day’s decline on Friday.
- Bulls need to breach the 1.0780 mark to gain control.
- Momentum oscillator holds onto the positive territory.
AUD/NZD treads water in the Asian session. The pair opened at the higher level, albeit fizzling out rather quickly to touch the swing low at 1.0767.
As of writing, the AUD/NZD was seen trading at 1.0780 with 0.1% losses.
AUD/NZD daily chart
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On the daily chart, the AUD/NZD has been consolidating near the 1.0780 mark with multiple support formations. The downward trendline from the high of 1.0947 acts as a strong resistance barrier for the bulls.
A sustained move above the 1.0780 mark could push AUD/NZD higher towards the previous day’s high at 1.0805, which also coincides with the bearish sloping line.
The next area of resistance would be located at the June 11 high at 1.0816.
The Moving Average Convergence Divergence (MACD) indicator reads above the midline, with bullish crossover. The reading signifies underlying bullish sentiment.
AUD/NZD bulls would keep their eye on the 1.0825 horizontal resistance level.
Alternatively, any downtick in the MACD could invalid the previous price set up. The cross could test the 1.0765 horizontal support level followed by the June 9 low at 1.0742.
Market participants then move toward the 20-day Simple Moving Average (SMA) at 1.0730.
AUD/NZD additional levels
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.
