AUD/NZD Price Analysis: Correcting lower after being unable to break 1.0700

Kiwi recovers strength after Aussie fails around 1.0700.
AUD/NZD remains bearish, under 1.0650, could drop back to 1.0560.

Matías Salord FXStreet

The AUD/NZD is falling on Tuesday, after testing many days the 1.0700 area. The Aussie failed to rise above, leaving the cross vulnerable to the downside.

The decline so far found support at the 1.0650 zone; a break lower should expose 1.0600. The next strong support stands at 1.0560. A weekly close under 1.0580 should add more bearish pressure.

A daily close clearly above 1.0700 would negate the bearish bias, opening the doors to more gains. The next target is seen in the 1.0800 zone.

AUD/NZD daily chart

AUD/NZD

Overview
Today last price	1.0644
Today Daily Change	-0.0028
Today Daily Change %	-0.26
Today daily open	1.0672

Trends
Daily SMA20	1.0613
Daily SMA50	1.0612
Daily SMA100	1.0737
Daily SMA200	1.0684

Levels
Previous Daily High	1.0747
Previous Daily Low	1.0608
Previous Weekly High	1.0746
Previous Weekly Low	1.0605
Previous Monthly High	1.0771
Previous Monthly Low	1.046
Daily Fibonacci 38.2%	1.0661
Daily Fibonacci 61.8%	1.0694
Daily Pivot Point S1	1.0605
Daily Pivot Point S2	1.0537
Daily Pivot Point S3	1.0466
Daily Pivot Point R1	1.0743
Daily Pivot Point R2	1.0814
Daily Pivot Point R3	1.0882

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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