AUD/NZD Price Analysis: Downside contained above 1.0600

The bias in AUD/NZD continues to favor the downside.
Key short-term support at 1.0600 keeps losses limited for the moment.

Matías Salord FXStreet

The AUD/NZD dropped sharply after the RBNZ hawkish meeting, breaking key technical levels. The downside found support at 1.0600 and then rebounded modestly to 1.0670.

The bias still points to the downside. Consolidation may continue ahead while another test of 1.0600 is expected. A break lower would target the 1.0560 area and below 1.0520. Technical indicators show mixed signs. The RSI is turning to the upside while momentum suggests more losses are likely.

As long as AUD/NZD remains under 1.0760, the outlook would be negative. Before the mentioned level, a strong barrier is located at 1.0715/20. That scenario is not favored at the moment. Any rebound reaching levels under 1.0750 could be seen as an idea for a potential sell.

AUD/NZD daily chart

AUD/NZD

Overview
Today last price	1.0648
Today Daily Change	0.0025
Today Daily Change %	0.24
Today daily open	1.0623

Trends
Daily SMA20	1.0746
Daily SMA50	1.0793
Daily SMA100	1.0764
Daily SMA200	1.0739

Levels
Previous Daily High	1.0669
Previous Daily Low	1.0606
Previous Weekly High	1.0799
Previous Weekly Low	1.06
Previous Monthly High	1.0927
Previous Monthly Low	1.0698
Daily Fibonacci 38.2%	1.0645
Daily Fibonacci 61.8%	1.063
Daily Pivot Point S1	1.0596
Daily Pivot Point S2	1.0569
Daily Pivot Point S3	1.0533
Daily Pivot Point R1	1.066
Daily Pivot Point R2	1.0696
Daily Pivot Point R3	1.0723

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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