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AUD/NZD Price Analysis: Downside looks exhausted, more losses seen below 1.0700

  • Aussie drops sharply across the board on RBA rate cut expectations.
  • AUD/NZD finds support around 1.0700 and rebounds to 1.0740.

The AUD/NZD is falling for the fifth consecutive day. It accelerated during the Asian session on the back of rising expectation about rate cuts from the Reserve Bank of Australia (RBA). It fell to low as 1.0700, the lowest since late July.

The area around 1.0700 capped the downside. A firm break lower would clear the way to more losses, with an immediate target at 1.0665 and then 1.0645. A daily close below 1.0730 would likely lead to another test of 1.0700.

After falling during five days in a row, AUD/NZD is starting to look exhausted to the downside. If the current bounce remains above 1.0740, a recovery of the Aussie seems likely. The next strong resistance stands at 1.0770.

AUD/NZD daily chart

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AUD/NZD

Overview
Today last price1.0734
Today Daily Change-0.0024
Today Daily Change %-0.22
Today daily open1.0758
 
Trends
Daily SMA201.0807
Daily SMA501.0868
Daily SMA1001.0782
Daily SMA2001.0618
 
Levels
Previous Daily High1.0791
Previous Daily Low1.0747
Previous Weekly High1.0906
Previous Weekly Low1.0757
Previous Monthly High1.0966
Previous Monthly Low1.0712
Daily Fibonacci 38.2%1.0764
Daily Fibonacci 61.8%1.0774
Daily Pivot Point S11.074
Daily Pivot Point S21.0721
Daily Pivot Point S31.0695
Daily Pivot Point R11.0784
Daily Pivot Point R21.0809
Daily Pivot Point R31.0828

Author

Matías Salord

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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