AUD/NZD Price Analysis: Extends pullback from 100-day EMA after RBNZ
- AUD/NZD registers the largest losses since November 13 as RBNZ kept the interest rates unchanged.
- The pair slips below 23.6% Fibonacci retracement, eyes on a two-week-old support line for now.
- 200-day EMA adds to the resistance.
AUD/NZD drops 0.65% to 1.0420 after the RBNZ matched wide marked expectations of no rate change announcement during Wednesday’s Asian session.
Read: Breaking: A 'hawkish' RBNZ leaves OCR on hold at 1.0% (NZD jumps to 0.6442 resistance)
With that, the quote not only snaps the six-day winning streak but also declines below 23.6% Fibonacci retracement of November 2019 to January 2020 fall.
As a result, sellers may now look towards the monthly rising support line, at 1.0390, as the immediate rest point ahead of multiple supports near 1.0310/300.
Meanwhile, the pair’s sustained run-up beyond a 100-day EMA level of 1.0490 will have to cross 38.2% Fibonacci retracement and 200-day EMA, around 1.0515 and 1.0540 respectively, to recall the buyers.
AUD/NZD daily chart
Trend: Bearish
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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.
