AUD/NZD Price Analysis: Correction to 1.0400 gains support

Aussie gains momentum on Friday versus the kiwi after breaking 1.0335.
AUD/NZD is testing again the 1.0350 area and a break higher should point to more gains.

Matías Salord FXStreet

The AUD/NZD is rising on Friday and is about to end the week in positive ground, having the best seven days since June; signs that the worst, at least for the moment, is behind for the aussie.

Last week, the cross bottomed at 1.0276, the lowest since March 2020. It then started to recover. The move higher found a strong barrier at 1.0350 that is being tested late on Friday. A break above should clear the way to the next target at 1.0380 and then comes 1.0400.

As long as AUD/NZD remains above 1.0300, the aussie would have support for a correction to the upside of the long-term bearish trend that is still in place. After many weeks of declines, the first positive signs for the aussie emerged, suggesting some consolidation ahead and a potential recovery, before resuming the downside.

A weekly close below 1.0300 should point to a continuation of the downside, targeting 1.0260 (2019 low) and then 1.0170.

AUD/NZD 4-hour chart

AUD/NZD

Overview
Today last price	1.0348
Today Daily Change	0.0029
Today Daily Change %	0.28
Today daily open	1.0319

Trends
Daily SMA20	1.0367
Daily SMA50	1.0453
Daily SMA100	1.0593
Daily SMA200	1.0674

Levels
Previous Daily High	1.0356
Previous Daily Low	1.0299
Previous Weekly High	1.0398
Previous Weekly Low	1.0278
Previous Monthly High	1.0592
Previous Monthly Low	1.0338
Daily Fibonacci 38.2%	1.0321
Daily Fibonacci 61.8%	1.0334
Daily Pivot Point S1	1.0294
Daily Pivot Point S2	1.0268
Daily Pivot Point S3	1.0237
Daily Pivot Point R1	1.035
Daily Pivot Point R2	1.0382
Daily Pivot Point R3	1.0407

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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