AUD/NZD technical analysis: 100-DMA exerts downside pressure

AUD/NZD repeatedly fails to clear 100-DMA.
21-DMA, 1.0400 seem nearby supports to watch.

Anil Panchal FXStreet

Despite its latest recovery, AUD/NZD remains below the 100-day simple moving average (DMA) while trading near 1.0475 on early Tuesday.

With the pair’s repeated failures to rise beyond near-term key resistance, chances of its declines to 21-DMA level of 1.0427 and then a consequent declines to 1.0400 round-figure are much brighter.

If the quote drops beneath 1.0400 round-figure, 23.6% Fibonacci retracement of April – August south-run around 1.0375 could please sellers.

On the upside, 50% Fibonacci retracement level of 1.0500 acts as immediate resistance ahead of 100-DMA level of 1.0525.

Given the pair’s ability to rise past-1.0525 on a daily closing basis, 61.8% Fibonacci retracement level of 1.0555 and mid-June high near 1.0590 can come back on the chart

AUD/NZD daily chart

Trend: Bearish

1. R3 1.0575
2. R2 1.0546
3. R1 1.051
PP 1.0481
1. S1 1.0444
2. S2 1.0415
3. S3 1.0379

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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