AUD/NZD Price Outlook: Sharply higher for Monday, sights set on 1.09

The AUD/NZD is grinding it out on Monday, testing into higher ground.
The Aussie is rebounding on a technical basis after declining most of November.
Resistance is piled up, bulls face uphill battle.

Joshua Gibson FXStreet

The AUD/NZD has climbed nearly 0.6% as the Aussie (AUD) rallies against the Kiwi (NZD) following two straight weeks of declines.

Hourly candles have the AUD/NZD running straight into the 200-hour Simple Moving Average (SMA) just south of 1.0860. The pair was constrained by the 50-hou SMA following early November's decline from 1.0900, and now the AUD/NZD finds itself trading into the top end of the constraining pattern between the two moving averages.

Monday's clean break upwards from 1.0780 sees the pair pushing through a descending trendline drawn from November's peak bids near 1.0940, and the challenge for bidders will be to keep the momentum going.

On the daily candlesticks, the AUD/NZD looks set to struggle in the midrange after failing to make a firm downside break of the 200-day SMA, and the long-term trend of the AUD/NZD looks set to remain sideways for the foreseeable future.

AUD/NZD Hourly Chart

AUD/NZD Daily Chart

AUD/NZD Technical Levels

AUD/NZD

Overview
Today last price	1.0848
Today Daily Change	0.0049
Today Daily Change %	0.45
Today daily open	1.0799

Trends
Daily SMA20	1.0848
Daily SMA50	1.0807
Daily SMA100	1.0815
Daily SMA200	1.0817

Levels
Previous Daily High	1.0809
Previous Daily Low	1.0777
Previous Weekly High	1.09
Previous Weekly Low	1.0777
Previous Monthly High	1.093
Previous Monthly Low	1.0624
Daily Fibonacci 38.2%	1.0797
Daily Fibonacci 61.8%	1.0789
Daily Pivot Point S1	1.0781
Daily Pivot Point S2	1.0763
Daily Pivot Point S3	1.0749
Daily Pivot Point R1	1.0813
Daily Pivot Point R2	1.0827
Daily Pivot Point R3	1.0845

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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