AUD/NZD Price Analysis: Correction lower likely to extend below 1.0900

Kiwi extends recovery versus aussie, points to more gains.
AUD/NZD could drop to 1.0830, before a consolidation pace.

Matías Salord FXStreet

The AUD/NZD is correction lower from the highest level in almost two years it reached two weeks ago at 1.1042. The cross failed to hold firm above 1.1000 and pulled back.

Technical indicators point to a continuation in the correction unless it rebounds quickly back above 1.0950. The primary trend while remain bullish as long as AUD/NZD holds above 1.0750 on a weekly close basis.

Price dropped below an uptrend line and is about to post the first close under the 21-day moving average since mid-July. Also, the MACD shows a negative bias. The immediate support stands at 1.0865 and the a strong barrier that should hold at 1.0825.

AUD/NZD daily chart

AUD/NZD

Overview
Today last price	1.09
Today Daily Change	-0.0055
Today Daily Change %	-0.50
Today daily open	1.0955

Trends
Daily SMA20	1.0917
Daily SMA50	1.0777
Daily SMA100	1.0728
Daily SMA200	1.0556

Levels
Previous Daily High	1.0957
Previous Daily Low	1.0908
Previous Weekly High	1.1004
Previous Weekly Low	1.0898
Previous Monthly High	1.1045
Previous Monthly Low	1.0716
Daily Fibonacci 38.2%	1.0938
Daily Fibonacci 61.8%	1.0927
Daily Pivot Point S1	1.0923
Daily Pivot Point S2	1.0892
Daily Pivot Point S3	1.0875
Daily Pivot Point R1	1.0972
Daily Pivot Point R2	1.0988
Daily Pivot Point R3	1.102

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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