AUD/NZD Price Forecast: Looks to extend losses below 1.0750 amid risk-on sentiment and, China trade data

AUD/NZD is accumulating minor gains in the Asian session.
Risk-on sentiment weighs on the cross.
Aussie surrenders gains after China turns hostile towards economic dialogue.

Rekha Chauhan Independent Analyst

The depreciating Aussie kept gains in possession for AUD/NZD price in the Asian session. The cross recovered handsomely on Thursday from the lows of 1.0718 to close near 1.0768.

At the time of writing, AUD/NZD is trading at 1.0767, up 0.15% on the day.

The move is exclusively sponsored by the ongoing economic-political animosity between China and Australia. China indefinitely suspended economic negotiation with its Australian counterpart on Thursday.

The spat indirectly benefited the high-risk NZD, as the move is corroborated by a report from ANZ Research, that stated NZD would enjoy much appreciation on global growth optimum and re-opening of the economy on its higher beta valuation in the coming few months.

Meanwhile, the Australian Industry Group (AiG) Australian Performance of Service Index rose to 61 in April from 58.7, which aids some constructive bids for the cross.

Investors are eagerly waiting for the release of the Caixin China General Composite PMI, and Balance of Trade in China, however, the centre of attraction remains the US Nonfarm Payrolls data later in the day.

AUD/NZD additional levels

AUD/NZD

Overview
Today last price	1.0765
Today Daily Change	0.0005
Today Daily Change %	0.05
Today daily open	1.076

Trends
Daily SMA20	1.0782
Daily SMA50	1.0798
Daily SMA100	1.0755
Daily SMA200	1.0751

Levels
Previous Daily High	1.0787
Previous Daily Low	1.0716
Previous Weekly High	1.0809
Previous Weekly Low	1.0698
Previous Monthly High	1.0927
Previous Monthly Low	1.0698
Daily Fibonacci 38.2%	1.076
Daily Fibonacci 61.8%	1.0743
Daily Pivot Point S1	1.0722
Daily Pivot Point S2	1.0683
Daily Pivot Point S3	1.0651
Daily Pivot Point R1	1.0793
Daily Pivot Point R2	1.0826
Daily Pivot Point R3	1.0864

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.

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