AUD/NZD Price Analysis: Weekly support and daily resistance in focus


  • AUD/NZD is offering a case for both the bulls and the bears.
  • The daily resistance is a keen target, but eyes are on weekly support. 

The price of AUD/NZD is testing a long term support which is expected to hold. However, if it does not, the downside will be in focus towards 1.0630 ahead of 1.04 as a long term target. 

Bulls, on the other hand, are seeking a test of the daily resistance located in the 1.0760s.

The following is a top-down analysis that illustrates the market structure and the aforementioned target areas from both a bullish and bearish perspective.

Monthly chart

As can be seen, the price is supported at a critical level.

If the support gives, then the focus will be on the downside towards the 1.04 area. 

Weekly chart

The weekly chart shows that the price is trading within a bearish impulse which will have more legs on it if the monthly support is broken.

If support holds, then the focus will be on the upside.

Daily chart

On the other hand, if the support holds and the resistance of the early October structure also holds, then the bears could be in with a discount. 

1.0630 could be the next stop, however, and offer bulls a discount in targeting the aforementioned daily resistance. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 

EUR/USD News

GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.

GBP/USD News

XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures