AUD/NZD Price Analysis: Off seven-week-old support line as MACD flirts with bulls

AUD/NZD bears catch a breather after declining to the lowest since April 22 the previous day.
MACD conditions back the strong support to suggest further consolidation in prices.
Late-October lows offer immediate resistance, bears can eye sub-1.0500 area on the trend line break.

Anil Panchal FXStreet

AUD/NZD consolidates recent losses around 1.0570/75 amid the early Friday morning in Asia. The quote dropped to the lowest in nearly seven months on Thursday before bouncing off a downward sloping trend line from October 25. The pullback also gains support from MACD signals that stop singing the bearish song.

That said, AUD/NZD buyers are waiting for entries while considering a two-week-old horizontal line around 1.0600 as an immediate upside hurdle.

While an up-move beyond 1.0600 can aim for 1.0630/35 and the 1.0700 threshold, the 200-bar SMA level of 1.0720 becomes the key resistance ahead of the monthly top of 1.0770.

Alternatively, a downside break below the stated support line, at 1.0546 now, will not refrain from challenging the April 21 bottom close to 1.0470 while any further weakness by AUD/NZD will make it vulnerable to revisit the late-February low surrounding 1.0380/85.

AUD/NZD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.0573
Today Daily Change	2 pips
Today Daily Change %	0.02%
Today daily open	1.0571

Trends
Daily SMA20	1.0673
Daily SMA50	1.0768
Daily SMA100	1.0776
Daily SMA200	1.0648

Levels
Previous Daily High	1.0692
Previous Daily Low	1.0561
Previous Weekly High	1.0771
Previous Weekly Low	1.0601
Previous Monthly High	1.0906
Previous Monthly Low	1.0595
Daily Fibonacci 38.2%	1.0611
Daily Fibonacci 61.8%	1.0642
Daily Pivot Point S1	1.0524
Daily Pivot Point S2	1.0477
Daily Pivot Point S3	1.0394
Daily Pivot Point R1	1.0655
Daily Pivot Point R2	1.0739
Daily Pivot Point R3	1.0786

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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