AUD/NZD Price Analysis: Extends losses below 1.0700 post-NZD data


  • AUD/NZD has been moving in continuous downward momentum for the past three weeks.
  • Investors cheered NZD data and sooner-than-expected rate hike expectations.
  • Momentum oscillators tilt in favor of bearish momentum.

AUD/NZD accumulates substantial losses on Tuesday morning in the initial Asian trading hours. The pair opened higher, albeit fizzled out rather than quickly to touch the intraday low of 1.0679 in a 50 pips movement.

At the time of writing, AUD/NZD is trading at 1.0688, down 0.27% for the day.

AUD/NZD daily chart

On the daily chart, after touching the high of 1.0816 on June 11, the AUD/NZD pair has been under selling pressure. The downward trendline from the mentioned level acts as a strong barrier for the bulls.

AUD/NZD slips below the 200-day Simple Moving Average (SMA) at 1.0722.

That said, if price sustained below the intraday low, it could retest the previous day’s low at 1.0660.

The Moving Average Convergence Divergence (MACD) indicator trades below the midline. Any downtick would drag price toward the 1.0650 horizontal support level.

The cross will accelerate the downward trend toward June 1 lows in the 1.0622 region. The levels are last seen in February.

On moving higher, prices would encounter the first target at the 1.0725 horizontal resistance level.

Next, the market participants would recoup the previous day high at 1.0750, which also coincides with the downward sloping line.

A daily close above the level would open the dates for the 1.0775 horizontal resistance level.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price 1.0689
Today Daily Change -0.0023
Today Daily Change % -0.21
Today daily open 1.0712
 
Trends
Daily SMA20 1.076
Daily SMA50 1.0748
Daily SMA100 1.0772
Daily SMA200 1.0724
 
Levels
Previous Daily High 1.0762
Previous Daily Low 1.0692
Previous Weekly High 1.0771
Previous Weekly Low 1.0692
Previous Monthly High 1.0817
Previous Monthly Low 1.0622
Daily Fibonacci 38.2% 1.0735
Daily Fibonacci 61.8% 1.0718
Daily Pivot Point S1 1.0682
Daily Pivot Point S2 1.0652
Daily Pivot Point S3 1.0612
Daily Pivot Point R1 1.0752
Daily Pivot Point R2 1.0792
Daily Pivot Point R3 1.0822

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Indecisive above 1.1700 as Fed tapering looms

EUR/USD retreats towards 1.1700, teasing monthly low for third straight day. Market sentiment improves over Evergrande, US debt limit extension. ECB policymakers cite inflation risks. Fed remains in focus, as it is expected to provide hints on tapering timing.

EUR/USD News

GBP/USD remains defensive near 1.3650 amid steady USD, Fed eyed

GBP/USD trades virtually unchanged around 1.3650 following the footprint of the previous session. Supply-chain bottlenecks, higher gas prices limited gains for sterling. US dollar remains elevated near 92.30 ahead of the Fed decision.

GBP/USD News

Gold sees elusive recovery toward $1,780, Fed eyed

Gold prices print minute gains on Wednesday and lack conviction to break $1,780 convincingly due to a sudden uptick in the greenback following a show from the Bank of Japan (BOJ). FOMC volatility, improved risk sentiment exert pressure on the higher side.

Gold News

MATIC price at make or break point as Polygon launches $2 million bounty program

MATIC price has experienced a massive downswing over the past four days and seems to have found temporary relief. If the buyers step in, there is a chance of a minor rally, but failing to do so might trigger a further descent.

Read more

Fed Preview: Three ways in which Powell could down the dollar, and none is the dot-plot

No taper now, but when? That is the main question investors have for the Federal Reserve in its all-important September meeting. The bank buys $120 billion worth of bonds every month and it is set to reduce the pace at some point.

Read more

Forex MAJORS

Cryptocurrencies

Signatures