AUD/NZD Price Analysis: Tuesday’s Doji teases bears above 1.0700, Australia Monthly CPI eyed

AUD/NZD struggles for clear directions after posting a trend-changing candlestick.
Downbeat expectations from Australia Monthly CPI, 21-DMA hurdle challenge recovery moves.
Nearly four-month-old horizontal support appears a tough nut to crack for the bears.

Anil Panchal FXStreet

AUD/NZD portrays the pre-data anxiety by making rounds to 1.0700 during early Wednesday, waiting for Monthly Consumer Price Index (CPI).

In addition to the cautious mood ahead of the key Aussie data, mixed technical signals also test the pair traders.

That said, the quote’s sustained bounces off a horizontal area comprising multiple levels marked since early December 2022 join bullish MACD signals to tease buyers. However, the 21-DMA and the previous day’s Doji candlestick challenge the upside momentum. Furthermore, the steadily rising RSI (14) adds strength to the recovery.

It should be noted that a clear break of the 21-DMA hurdle, around 1.0760 by the press time, could defy the bearish candlestick and can propel the price towards the previous weekly top of 1.0805.

On the contrary, a downside break of the 1.0660-75 zone won’t hesitate to revisit the late December lows near 1.0625.

It’s worth observing that the AUD/NZD pair’s upside past 1.0805 appears difficult while the weakness below 1.0625 has a comparatively smoother road to accepting bears.

As a result, the AUD/NZD pair is likely to decline further if backed by the downbeat Aussie inflation data, expected 7.1% YoY for February versus 7.4% prior.

Also read: AUD/USD bulls attack 0.6700 with eyes on Australia inflation data, banking news

AUD/NZD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.073
Today Daily Change	-0.0002
Today Daily Change %	-0.02%
Today daily open	1.0732

Trends
Daily SMA20	1.0766
Daily SMA50	1.0868
Daily SMA100	1.0812
Daily SMA200	1.0973

Levels
Previous Daily High	1.0746
Previous Daily Low	1.0707
Previous Weekly High	1.0805
Previous Weekly Low	1.0675
Previous Monthly High	1.1087
Previous Monthly Low	1.0877
Daily Fibonacci 38.2%	1.0731
Daily Fibonacci 61.8%	1.0722
Daily Pivot Point S1	1.071
Daily Pivot Point S2	1.0689
Daily Pivot Point S3	1.0671
Daily Pivot Point R1	1.075
Daily Pivot Point R2	1.0768
Daily Pivot Point R3	1.0789

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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