AUD/NZD Price Analysis: Sellers keep their eyes on 1.0450
- AUD/NZD embraces the previous session’s losses on Thursday.
- Additional losses if pair decisively breaks 1.0460.
- Momentum oscillators indicate underlying bearish sentiment.
AUD/NZD continues to skid down on Thursday Asian’s session. The pair opened took multiple support near 1.0460 level.
At the time of writing, AUD/NZD is trading at 1.0460, down 0.09% for the day.
AUD/NZD daily chart
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On the daily chart, the AUD/NZD pair has been under the selling from the high of 1.0816 made on June 11. The descending trendline act as a barrier for the bulls. The formation of a hammer candlestick pattern suggests some bounce back in the price.
A sustained move below the intraday low would bring more selling interest in the pair.
In doing so, the first lower target could be found at the previous session’s low of 1.0440.
The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD would accelerate the selling toward the low of December 3, 2020, at 1.0419.
Next, AUD/NZD bears would target the 1.0364 horizontal support level.
Alternatively, if price moves higher, it would be the 1.0500 horizontal resistance level as the first upside target.
Next, the market participants will keep their eyes on the 1.0530 horizontal resistance level followed by the high of August 4 at 1.0592.
AUD/NZD additional levels
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.
