AUD/NZD Price Analysis: Buyers keep their eye on 1.0500 above 50-day SMA


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  • AUD/NZD continues to march higher on Wednesday ahead of RBNZ.
  • Bulls keep momentum to claim 1.0500, a critical level with multiple resistance.
  • Momentum oscillator holds onto the overbought zone with bullish bias.

AUD/NZD prints fresh daily gains ahead of the Reserve Bank of Newzealand (RBNZ) Interest rate decision. The pair opened lower but recovered swiftly toward the session’s high. At the time of writing, AUD/NZD is trading at 1.0482, up 0.14% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair bucked up the prevailing short-term downside trend, which extends from the July 13 high at 1.0753. The consolidation in price began on September 13 and the cross-currency pair formed a rounding bottom technical pattern. After breaking the descending trendline from the high of July 13, the spot continued to consolidate near 1.0485 for the past few sessions.

If the price maintains the current upside momentum, it could test the 1.0500 key level as the first bullish target. Further the Moving Average Convergence Divergence (MACD) indicator holds onto the overbought zone. Any uptick in the MACD would accelerate the buying pressure toward the 1.0550 horizontal resistance level followed by the high of August 3 at 1.0592.

Alternatively, if price moves lower, it could retest the 1.0450 horizontal support level followed by the previous day’s  low at 1.0432. Next, AUD/NZD bears would testify the 1.0400 horizontal support level.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price 1.048
Today Daily Change 0.0008
Today Daily Change % 0.08
Today daily open 1.0472
 
Trends
Daily SMA20 1.0373
Daily SMA50 1.0429
Daily SMA100 1.0566
Daily SMA200 1.0665
 
Levels
Previous Daily High 1.0486
Previous Daily Low 1.0432
Previous Weekly High 1.052
Previous Weekly Low 1.0335
Previous Monthly High 1.0489
Previous Monthly Low 1.0278
Daily Fibonacci 38.2% 1.0465
Daily Fibonacci 61.8% 1.0453
Daily Pivot Point S1 1.0441
Daily Pivot Point S2 1.041
Daily Pivot Point S3 1.0388
Daily Pivot Point R1 1.0494
Daily Pivot Point R2 1.0517
Daily Pivot Point R3 1.0548

 


 

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