AUD/NZD Price Analysis: Meets critical support near 1.0740 at 20-day SMA

AUD/NZD continues to move in a range bound manner on Thursday.
Pair envisioned more losses if price decisively breaks 1.0740.
Momentum oscillator holds onto the positive territory with a neutral outlook.

Rekha Chauhan Independent Analyst

AUD/NZD trades on a lower note in the initial Asian session. The pair continues to skid lower in the previous six sessions while holding the support near the 1.0740.

At the time of writing, AUD/NZD is trading at 1.0746, down 0.07% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD cross has been consolidating near the 1.0800 mark with multiple top formations from the previous week. The ascending trendline from the low of 1.0599 acts as a defensive for the bulls.

A sustained move below the 20-day Simple Moving Average (SMA) at 1.0740 could push AUD/NZD lower toward the 1.0720 horizontal support line, which also coincides with the bullish sloping line.

A break of the above trendline would invite fresh round selling opportunities for AUD/NZD bears.

In doing so, the bears would aim for the low of June 4 at 1.0702.

The Moving Average Convergence Divergence(MACD)indicator reads above midline with a neutral outlook. Any downtick in the MACD could bring the 1.0675 horizontal support level back into action.

Alternatively, if price moves higher then, it could test the previous day’s high at 1.0786.

Market participants would then aim for the 1.0820 horizontal resistance level followed by May 15 high at 1.0850.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price	1.0748
Today Daily Change	-0.0006
Today Daily Change %	-0.06
Today daily open	1.0754

Trends
Daily SMA20	1.0739
Daily SMA50	1.0754
Daily SMA100	1.0769
Daily SMA200	1.0726

Levels
Previous Daily High	1.0787
Previous Daily Low	1.0699
Previous Weekly High	1.0814
Previous Weekly Low	1.0744
Previous Monthly High	1.0851
Previous Monthly Low	1.06
Daily Fibonacci 38.2%	1.0753
Daily Fibonacci 61.8%	1.0732
Daily Pivot Point S1	1.0706
Daily Pivot Point S2	1.0659
Daily Pivot Point S3	1.0619
Daily Pivot Point R1	1.0794
Daily Pivot Point R2	1.0834
Daily Pivot Point R3	1.0882

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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