AUD/NZD Price Analysis: Bulls struggle to break above 1.0800 mark

AUD/NZD continues to move in a range bound manner on Tuesday.
Bulls need to breach the 1.0800 mark for a sustainable upside trend.
Momentum oscillator holds onto the positive territory with a neutral outlook.

Rekha Chauhan Independent Analyst

AUD/NZD edges higher in the initial Asian session. The pair makes a consolidative move for the fifth straight session.

At the time of writing, AUD/NZD is trading at 1.0787, up 0.07% gains.

AUD/NZD daily chart

On the daily chart, the AUD/NZD has been consolidating near the 1.0800 mark with multiple top formations. The downward trendline from the high of 1.0947 acts as a strong resistance barrier for the bulls.

A sustained move above the 1.0800 mark could push AUD/NZD higher towards the June 18 high in the vicinity of the 1.0815 area, which also coincides with the bearish sloping line.

Next, the AUD/NZD bull’s target could be located at the 1.0825 horizontal resistance level.

The Relative Strength Index (RSI) indicator reads above 50. The reading signifies underlying bullish sentiment for the pair while keeping the level last seen in April in its sight.

The next area of resistance would be the high of April 19 at 1.0851.

Alternatively, any downtick in the RSI could invalid the previous price action The cross could test the 1.0750 horizontal support level followed by the June 8 low at 1.0714.

Market participants would then aim for the low of June 4 near the 1.0700 level.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price	1.0787
Today Daily Change	0.0005
Today Daily Change %	0.05
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

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.

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