AUD/NZD Price Forecast: Aussie sees early Wednesday break higher against Kiwi

The AUD/NZD spent most of Tuesday drifting lower before a late-day break buoyed the pair.
The Aussie is trading into familiar top end against the Kiwi heading into Wednesday's market session.
The Kiwi stumbled on an employment data miss, hobbling the NZD's chances to turn bullish.

Joshua Gibson FXStreet

The AUD/NZD has bumped back over 1.0900 after the Kiwi (NZD) tripped and stumbled in early Wednesday market action, trading back down against the Aussie (AUD) and sending the AUD/NZD tipping back into a near-term high around 1.0930.

Aussie intraday declines sent the AUD/NZD back into the 200-hour Simple Moving Average (SMA) before the pair caught a rebound bid from the moving average.

The pair is trading back into the high end of recent action, but further upside remains limited for the AUD with long-term resistance piling up from the 1.0920 level.

On the down side, prices have been firmly cycling the 200-day SMA for most of the back half of 2023, and it won't take much to push the Aussie back into a bearish pattern in a return to the long-run average.

Technical indicators are also running dry on the high side, with the Relative Strength Index (RSI) and Moving Average Convergence-Divergence (MACD) both tipping into overbought territory, though daily candlestick traders will want to wait for a slow-MA MACD crossover to confirm bearish momentum.

AUD/NZD Hourly Chart

AUD/NZD Daily Chart

AUD/NZD Technical Levels

AUD/NZD

Overview
Today last price	1.0917
Today Daily Change	0.0008
Today Daily Change %	0.07
Today daily open	1.0909

Trends
Daily SMA20	1.0761
Daily SMA50	1.0805
Daily SMA100	1.0826
Daily SMA200	1.082

Levels
Previous Daily High	1.093
Previous Daily Low	1.09
Previous Weekly High	1.0915
Previous Weekly Low	1.0823
Previous Monthly High	1.0919
Previous Monthly Low	1.0718
Daily Fibonacci 38.2%	1.0918
Daily Fibonacci 61.8%	1.0911
Daily Pivot Point S1	1.0896
Daily Pivot Point S2	1.0882
Daily Pivot Point S3	1.0865
Daily Pivot Point R1	1.0926
Daily Pivot Point R2	1.0943
Daily Pivot Point R3	1.0957

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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