AUD/NZD Price Analysis: More downside below 100-day SMA near 1.0550

AUD/NZD edges lower on Friday in the Asian trading hours.
Upside momentum recedes upon reaching 1.0600.
Momentum oscillators hold onto the overbought zone warn caution.

Rekha Chauhan Independent Analyst

AUD/NZD is on the verge to erase weekly gains on Friday. The cross-currency pair confides in a narrow trade band with no meaningful traction. At the time of writing, AUD/NZD is trading at 1.0535, down 0.03% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been under selling pressure after testing multi-month highs above 1.0600 on Wednesday. Now, the pair retreats below the 100-day Simple Moving Average (SMA) at 1.0550.

Having said that, if the price breaks the intraday low, it could test the 1.0500 horizontal support level. Now, a break beneath the ascending trendline from the lows of 1.0278 would prompt bears to capture the 1.0450 horizontal support area. Overbought Moving Average Convergence (MACD) suggests the possibility of the key 1.0400 level.

Alternatively, if the price moves higher manages to scale up beyond 100-day SMA, it could retest the 1.0590 horizontal resistance level followed by this Wednesday’s high at 1.0615. Next, AUD/NZD bulls would testify to the 1.0650 horizontal resistance level.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price	1.0536
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.0539

Trends
Daily SMA20	1.045
Daily SMA50	1.0433
Daily SMA100	1.0555
Daily SMA200	1.066

Levels
Previous Daily High	1.061
Previous Daily Low	1.0532
Previous Weekly High	1.0589
Previous Weekly Low	1.0431
Previous Monthly High	1.0489
Previous Monthly Low	1.0278
Daily Fibonacci 38.2%	1.0562
Daily Fibonacci 61.8%	1.058
Daily Pivot Point S1	1.051
Daily Pivot Point S2	1.0482
Daily Pivot Point S3	1.0431
Daily Pivot Point R1	1.0589
Daily Pivot Point R2	1.0639
Daily Pivot Point R3	1.0667

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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