AUD/NZD Price Analysis: Defends Thursday's low of 1.07

AUD/NZD holds support at 1.07, but bounce remains elusive.
Technical charts are calling a deeper decline toward the 200-day SMA.

Omkar Godbole FXStreet Contributor

The bears look to be in control of AUD/NZD, but so far, last week's low has held ground.

The pair is currently trading largely unchanged on the day near 1.0709, having clocked a high and low of 1.0730 and 1.0710 early today.

AUD/NZD fell nearly 1.3% last week, erasing gains seen in the preceding two weeks and signaling a resumption of the sell-off from the August high of 1.1044.

The failed bearish channel breakout seen on the daily chart indicates the path of least resistance to the downside. Key indicators like the 14-day relative strength index and the MACD histogram are also painting a bearish picture.

As such, the odds appear stacked in favor of a decline below Thursday's low of 1.07. That would expose the 200-day simple moving average (SMA) at 1.0619.

Daily chart

Trend: Bearish

Technical levels

AUD/NZD

Overview
Today last price	1.0711
Today Daily Change	-0.0011
Today Daily Change %	-0.10
Today daily open	1.0722

Trends
Daily SMA20	1.08
Daily SMA50	1.0864
Daily SMA100	1.0783
Daily SMA200	1.0622

Levels
Previous Daily High	1.0761
Previous Daily Low	1.0698
Previous Weekly High	1.087
Previous Weekly Low	1.0698
Previous Monthly High	1.0966
Previous Monthly Low	1.0712
Daily Fibonacci 38.2%	1.0722
Daily Fibonacci 61.8%	1.0737
Daily Pivot Point S1	1.0692
Daily Pivot Point S2	1.0663
Daily Pivot Point S3	1.0629
Daily Pivot Point R1	1.0756
Daily Pivot Point R2	1.079
Daily Pivot Point R3	1.0819

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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