AUD/NZD Price Analysis: Drops further below 1.0700 on NZ Q3 GDP

AUD/NZD extends losses from five-week high after upbeat New Zealand (NZ) GDP.
NZ Q3 GDP crosses market consensus in Q3, upward revision to Q2 figures also favors the pair sellers.
MACD turns bearish but two-day-old support line, 200-HMA.

Anil Panchal FXStreet

AUD/NZD stretches the downside momentum to 1.0645, currently at 1.0652, during the early Asian trading on Thursday. The pair took a U-turn from a multi-day high before a few hours while an upbeat print of NZ Q3 GDP offered additional strength to the New Zealand dollar (NZD) buyers.

Read: NZ GDP sa (QoQ) Q3: 14.0% (exp 12.9%; prev -12.2%)

Although the recent declines dragged MACD histogram into the red, immediate support line at 1.0638, followed by 200-HMA level around 1.0600, challenge the AUD/NZD bears.

Also acting as a downside filter is 61.8% Fibonacci retracement of the pair’s run-up from December 08, near 1.0580.

Meanwhile, Tuesday’s high near 1.0675 guards immediate upside ahead of the latest top, also the highest since November 09, close to 1.0700.

In a case where the quote manages to cross the 1.0700 threshold, November’s peak surrounding 1.0770 will gain the AUD/NZD bull’s attention.

AUD/NZD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.0653
Today Daily Change	-8 pips
Today Daily Change %	-0.08%
Today daily open	1.0661

Trends
Daily SMA20	1.0544
Daily SMA50	1.0634
Daily SMA100	1.0748
Daily SMA200	1.0661

Levels
Previous Daily High	1.0673
Previous Daily Low	1.0613
Previous Weekly High	1.0657
Previous Weekly Low	1.051
Previous Monthly High	1.0771
Previous Monthly Low	1.046
Daily Fibonacci 38.2%	1.065
Daily Fibonacci 61.8%	1.0636
Daily Pivot Point S1	1.0625
Daily Pivot Point S2	1.0589
Daily Pivot Point S3	1.0565
Daily Pivot Point R1	1.0685
Daily Pivot Point R2	1.0709
Daily Pivot Point R3	1.0745

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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