AUD/NZD Price Analysis: Pulls back to two-day high on upbeat Australia inflation

AUD/NZD benefits from better than forecast Q4 inflation data from Australia.
Key Fibonacci retracements, a monthly descending trend line limit further recovery.
The bears will target August 2019 low during fresh declines.

Anil Panchal FXStreet

AUD/NZD takes the bids to an intra-day high of 1.0355 during the Asian session on Wednesday. The pair recently benefited from Australia’s fourth quarter (Q4) inflation data that offered positive surprises and exerted additional weight on the odds of RBA’s rate cut in February monthly meeting.

Read: Breaking: Aussie CPI Q4 Trimmed Mean 0.4% ( vs 0.4% expected and prior 0.4%)

Even so, the pair is yet to successfully cross 23.6% Fibonacci retracement of its current month fall, near 1.0355, not to mention the quote’s inability to take-out the weekly top of 1.0380.

Additionally, a downward sloping trend line since January 01, at 1.0415, followed by 61.8% Fibonacci retracement levels of 1.0430, could keep challenging buyers.

On the flip side, sellers will look for entry below 1.0300 while targeting August 2019 low close to 1.0260.

AUD/NZD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.0352
Today Daily Change	0.0017
Today Daily Change %	0.16
Today daily open	1.0335

Trends
Daily SMA20	1.0386
Daily SMA50	1.0438
Daily SMA100	1.0589
Daily SMA200	1.0562

Levels
Previous Daily High	1.0352
Previous Daily Low	1.0319
Previous Weekly High	1.0432
Previous Weekly Low	1.0317
Previous Monthly High	1.0545
Previous Monthly Low	1.0366
Daily Fibonacci 38.2%	1.0339
Daily Fibonacci 61.8%	1.0332
Daily Pivot Point S1	1.0319
Daily Pivot Point S2	1.0302
Daily Pivot Point S3	1.0286
Daily Pivot Point R1	1.0352
Daily Pivot Point R2	1.0368
Daily Pivot Point R3	1.0385

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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