AUD/NZD Price Analysis: Looks for more downside below 50-day SMA


  • AUD/NZD continues to move downside with renewed selling pressure.
  • More losses possible for the pair if price decisively breaks 1.0730.
  • Momentum oscillator turns negative caution for aggressive bids.

AUD/NZD prints substantial losses on Tuesday morning in the Asian session. The pair opened on a higher note, albeit fizzled out quickly and touched the low of 1.0733.

As of writing, AUD/NZD is trading at 1.0735, down 0.28% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD currency pair has been facing upside pressure near the 1.0800 key psychological mark. The descending trendline from the high of 1.0948 acts as a strong resistance barrier for the pair.

 if price breaks the session’s low at 1.0731, then a potential downside toward the low of June 25  at 1.0720 can not be ruled out. This also coincides with the breaking of a 1.0725 critical level, where multiple support formations emerge.

In doing so, there is plenty of room for the pair to test the previous lower levels. The first in line would be the 1.0700 horizontal support level followed by the June 2 low in the vicinity of the  1.0650 area.

Alternatively, the 14-day Relative Strength Index (RSI) indicator reads at 50. Any uptick in the RSI could bring buyers back into action.

AUD/NZD bulls would target the 50-day Simple Moving Average (SMA) at 1.0750 while keeping an eye on the earlier day’s high at 1.0771.

The next area of resistance could be located at June 11 high at 1.0816.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price 1.0735
Today Daily Change -0.0031
Today Daily Change % -0.29
Today daily open 1.0766
 
Trends
Daily SMA20 1.0756
Daily SMA50 1.075
Daily SMA100 1.0772
Daily SMA200 1.0725
 
Levels
Previous Daily High 1.0771
Previous Daily Low 1.0705
Previous Weekly High 1.0806
Previous Weekly Low 1.0699
Previous Monthly High 1.0851
Previous Monthly Low 1.06
Daily Fibonacci 38.2% 1.0746
Daily Fibonacci 61.8% 1.073
Daily Pivot Point S1 1.0723
Daily Pivot Point S2 1.0681
Daily Pivot Point S3 1.0657
Daily Pivot Point R1 1.079
Daily Pivot Point R2 1.0814
Daily Pivot Point R3 1.0856

 


 

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