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AUD/NZD Price Analysis: More upside likely above 1.0400

  • AUD/NZD turns slightly negative after it claims 1.0400 on Tuesday.
  • Bulls remain hopeful above psychological 1.0400 mark .
  • Momentum oscillator holds onto the overbought zone with bullish bias.

AUD/NZD prints fresh daily gains ahead of the Australian Retail Sales data on Tuesday. The pair touched the 1.0400 mark and immediately slids below following the upside pressure there. At the time of writing, AUD/NZD is trading at 1.0378, down 0.04% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair bucked up the prevailing short-term downside trend, which extends from the July 13 high at 1.0753. The consolidation in price began on September 13 and the cross-currency pair formed a rounding bottom technical pattern. 

The descending trendline from the high of July 13 acts as a resistance for the bulls. If the price breaks the bearish sloping line, it could move back to the 1.0450 horizontal resistance level, which also coincides with the 50-day Simple Moving Average (SMA) .

A daily close above the 50-day SMA could mean the continuation of upside momentum toward the 1.0500 horizontal resistance level. The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any uptick in the MACD would accelerate the buying pressure toward the high made on August 3 at 1.0592.

Alternatively, if the price moves lower, it could retest the 1.0350 horizontal support level followed by Friday’s low at 1.0305. Next, AUD/NZD bears would testify the low made on September 16 at 1.0278.

AUD/NZD additional levels

 

Overview
Today last price1.038
Today Daily Change-0.0003
Today Daily Change %-0.03
Today daily open1.0383
 
Trends
Daily SMA201.0361
Daily SMA501.0444
Daily SMA1001.0585
Daily SMA2001.0671
 
Levels
Previous Daily High1.0397
Previous Daily Low1.0335
Previous Weekly High1.0365
Previous Weekly Low1.0287
Previous Monthly High1.0592
Previous Monthly Low1.0338
Daily Fibonacci 38.2%1.0373
Daily Fibonacci 61.8%1.0358
Daily Pivot Point S11.0346
Daily Pivot Point S21.0309
Daily Pivot Point S31.0284
Daily Pivot Point R11.0409
Daily Pivot Point R21.0434
Daily Pivot Point R31.0471

Author

Rekha Chauhan

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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