AUD/NZD Price Analysis: Depressed above 1.0600 inside falling triangle before RBA


  • AUD/NZD stretches losses from 1.0656 to ignore the previous day’s recovery.
  • The 1.0600 round-figures can offer intermediate halt ahead of the triangle’s support.
  • 200-bar SMA adds strength to the upside barriers.

AUD/NZD prints 0.10% loss while declining to 1.0630 during Tuesday’s Asian session. Even so, the pair remains inside the monthly descending triangle formation, currently attacking the bottom. The pair traders are likely waiting for the Reserve Bank of Australia’s (RBA) monetary policy decision, up for publishing at 04:30 GMT, for fresh impulse.

Read: Reserve Bank of Australia Preview: Policymakers to remain cautiously optimistic

Considering the no rate change expectations from the RBA, coupled with likely upbeat tone based on the Australian dollar’s latest strength, the AUD/NZD prices may recover from the current levels.

Though, resistance line of the mentioned triangle, at 1.0690 now, followed by a 200-bar SMA level of 1.0700, could challenge the bulls afterward.

If at all the RBA’s anticipated optimism propels the quote beyond 1.0700, the June 24 uptick near 1.0790 and the previous month’s high near 1.0885 could lure the bulls.

On the downside, the pattern’s support line around 1.0580/75 is likely to restrict the pair’s near-term declines. However, a clear break of 1.0575 will extend the south-run towards the late-April low near 1.0470.

AUD/NZD four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price 1.063
Today Daily Change -0.0008
Today Daily Change % -0.08%
Today daily open 1.0638
 
Trends
Daily SMA20 1.0675
Daily SMA50 1.0699
Daily SMA100 1.0539
Daily SMA200 1.0539
 
Levels
Previous Daily High 1.0665
Previous Daily Low 1.0615
Previous Weekly High 1.0722
Previous Weekly Low 1.0578
Previous Monthly High 1.0883
Previous Monthly Low 1.0582
Daily Fibonacci 38.2% 1.0646
Daily Fibonacci 61.8% 1.0634
Daily Pivot Point S1 1.0614
Daily Pivot Point S2 1.0589
Daily Pivot Point S3 1.0563
Daily Pivot Point R1 1.0664
Daily Pivot Point R2 1.0689
Daily Pivot Point R3 1.0714

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD nears 1.19 amid mixed US data

EUR/USD is trading close to 1.19, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields. The ISM Non-Manufacturing PMI beat with 58.1. 

EUR/USD News

XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades well above 1.31 amid dollar weakness

GBP/USD is advancing towards this month high at 1.3169, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. US Services PMIs are eyed. The ADP NFP missed with 167K.

GBP/USD News

ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures