AUD/NZD Price Analysis: Keeps bounce off 100-SMA inside bull flag

AUD/NZD stays mildly bid, up for the second consecutive day inside a bullish chart pattern.
Sustained trading above the key moving averages, firmer RSI keep buyers hopeful.
200-SMA adds to the downside filters, bulls can test late 2017 peak on flag confirmation.

Anil Panchal FXStreet

AUD/NZD extends the previous day’s bounce off short-term key SMA while printing mild gains around 1.1010 during Friday’s Asian session. In doing so, the cross-currency pair picks up bids inside a thee-week-old bull flag.

In addition to the bounce off the 100-SMA, the firmer RSI and successful trading above the 200-SMA also keep AUD/NZD buyers hopeful.

However, a clear upside break of 1.1050 becomes necessary to confirm the bullish chart pattern suggesting a rally towards the late 2017 peak near 1.1300.

It’s worth noting that the latest high around 1.1195 will act as an intermediate halt during the anticipated run-up.

Alternatively, 100-SMA and the stated flag’s lower line, respectively around 1.0675 and 1.0950, limit the short-term downside of the pair.

Following that, the 200-SMA level of 1.0930 will act as the last defense of the AUD/NZD buyers before challenging the late April’s low near 1.0820.

AUD/NZD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1013
Today Daily Change	0.0014
Today Daily Change %	0.13%
Today daily open	1.0999

Trends
Daily SMA20	1.0961
Daily SMA50	1.0855
Daily SMA100	1.0769
Daily SMA200	1.0608

Levels
Previous Daily High	1.1056
Previous Daily Low	1.0976
Previous Weekly High	1.1193
Previous Weekly Low	1.092
Previous Monthly High	1.1
Previous Monthly Low	1.0762
Daily Fibonacci 38.2%	1.1025
Daily Fibonacci 61.8%	1.1006
Daily Pivot Point S1	1.0965
Daily Pivot Point S2	1.0931
Daily Pivot Point S3	1.0885
Daily Pivot Point R1	1.1045
Daily Pivot Point R2	1.109
Daily Pivot Point R3	1.1125

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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