AUD/NZD Price Analysis: Rebound hits resistance at 1.0720, consolidation ahead likely

Aussie gains for the fifth day in a row versus the Kiwi, consolidation likely.
The rebound found resistance at the 1.0725 zone.

Matías Salord FXStreet

The AUD/NZD is up again on Wednesday as it continues to recover from the 1.0550 area. The rally found resistance at the 1.0725 zone, also the 21-day moving average.

Some consolidation below 1.0725 and with immediate support at 1.0650 seems likely over the next sessions. The 1.0620 area is again a support level to consider. After rising during many consecutive days, a pause in the Aussie seems likely. Still, momentum favors the upside, and the RSI suggest more gains are possible. A firm break above 1.0730 would point to further strength, targeting 1.0785.

On the flip side, the critical support stands around the recent low at 1.0550, near an uptrend line. If it drops below, a bearish acceleration seems likely toward 1.0500 initially and then the December low at 1.0416.

AUD/NZD daily chart

AUD/NZD

Overview
Today last price	1.0712
Today Daily Change	0.0023
Today Daily Change %	0.22
Today daily open	1.0689

Trends
Daily SMA20	1.071
Daily SMA50	1.0675
Daily SMA100	1.0676
Daily SMA200	1.0723

Levels
Previous Daily High	1.0692
Previous Daily Low	1.0652
Previous Weekly High	1.0689
Previous Weekly Low	1.0539
Previous Monthly High	1.0844
Previous Monthly Low	1.0632
Daily Fibonacci 38.2%	1.0677
Daily Fibonacci 61.8%	1.0667
Daily Pivot Point S1	1.0663
Daily Pivot Point S2	1.0638
Daily Pivot Point S3	1.0623
Daily Pivot Point R1	1.0703
Daily Pivot Point R2	1.0718
Daily Pivot Point R3	1.0743

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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