AUD/NZD Price Analysis: Buyers seek validation above 1.0370 near 20-day SMA

AUD/NZD posts fresh daily gains on Monday in the Asian session.
Additional gains are envisioned for the pair if the price breaks 1.0370.
The momentum oscillator holds onto the oversold zone and signalled underlying buying pressure.

Rekha Chauhan Independent Analyst

AUD/NZD kick starts the fresh trading week on a higher note on Monday. The pair opened higher albeit fizzled out rather quickly on to travel to intraday high of. At the time of writing, AUD/NZD is trading at 1.0361, up 0.17% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been trading in the short-term downside trends since July 13, which is confirmed by the 20-day and 50-day Simple Moving Average (SMA) confluence at 1.0735. After testing the yearly low at 1.0278 on September 16, the pair began to consolidate the losses and took a recovery road to 1.0371, a session’s high.

The descending trendline from the high of July 13 at 1.0753 acts as a resistance for the bulls. If the price breaks the bearish sloping line, it could move back to the 1.0400 horizontal resistance level. The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any uptick in the MACD would accelerate the buying pressure toward the high made on September 7 at 1.0455 followed by the 1.0550 horizontal resistance level.

Alternatively, if the price moves lower, it could retest the previous session’s low of 1.0337 followed by the 1.0295 horizontal support level.

AUD/NZD additional level

Overview
Today last price	1.0359
Today Daily Change	0.0015
Today Daily Change %	0.15
Today daily open	1.0344

Trends
Daily SMA20	1.0363
Daily SMA50	1.0448
Daily SMA100	1.0589
Daily SMA200	1.0673

Levels
Previous Daily High	1.0365
Previous Daily Low	1.0305
Previous Weekly High	1.0365
Previous Weekly Low	1.0287
Previous Monthly High	1.0592
Previous Monthly Low	1.0338
Daily Fibonacci 38.2%	1.0342
Daily Fibonacci 61.8%	1.0328
Daily Pivot Point S1	1.0311
Daily Pivot Point S2	1.0278
Daily Pivot Point S3	1.0251
Daily Pivot Point R1	1.0371
Daily Pivot Point R2	1.0398
Daily Pivot Point R3	1.0431

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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