AUD/NZD Price Analysis: Swings in between 21-day and 50-day SMA confluence
- AUD/NZD extends previous session’s declines on Friday.
- The cross-currency pair faces a resistance barrier near 1.0500.
- MACD holds above the midline with neutral stance
AUD/NZD edges lower on the last trading day of the week in the Asian trading session. The cross-currency pair stayed in a narrow trade band amid upbeat Australian Retail Sales data. At the time of writing, AUD/NZD is trading at 1.0472, down 0.04% for the day.
AUD/NZD daily chart
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On the daily chart, the AUD/NZD cross-currency pair has been under selling pressure after testing high at 1.0615 on October 12. The downside in the pair took a breather near the 50-day Simple Moving Average (SMA) at 1.0421. AUD/NZD spots a short term trading range of 1.0428 and 1.0490 around 21-day and 50-day SMAs confluence.
A successful daily close above the 21-day SMA at 1.0494 would mean the 1.0525 horizontal resistance level for the spot.
The Moving Average Convergence (MACD) trades above the midline. Any uptick in the MACD suggests the possibility of the 1.0575 horizontal resistance zone, followed by the high of October 13 at 1.0615.
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Alternatively, if the price moves lower, it would first retest Wednesday’s low of 1.0445. Next, a daily close below the 50-day SMA could bring the 1.0400 horizontal support zone and one-month low of 1.0375 (September 28) back into picture.
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.
