AUD/NZD Technical Analysis: Bearish bias while below 1.0565

The AUD/NZD pair remains in a descendant channel with a bearish bias and currently supported by 1.0440.
Last week recovery has been erased and now, it points to some consolidation before another test of the area around 1.0440.

Matías Salord FXStreet

Yesterday and on Monday, the recovery of AUD/NZD was capped by the 55-day simple moving average that stands near 1.0550, also a horizontal support and is near the upper limit of the bearish channel. So the critical level for bulls to watch is 1.0550/65: a daily close on top would remove the current bias, favoring more gains ahead.

The area around 1.0440 is likely to keep losses limited. A break lower could signal more losses. The next strong support emerges around 1.0400, a psychological level and the lower bottom of the channel.

AUD/NZD Daily Chart

AUD/NZD

Overview
Today last price	1.0467
Today Daily Change	-0.0006
Today Daily Change %	-0.06
Today daily open	1.0473

Trends
Daily SMA20	1.0502
Daily SMA50	1.0546
Daily SMA100	1.051
Daily SMA200	1.0568

Levels
Previous Daily High	1.0554
Previous Daily Low	1.0459
Previous Weekly High	1.055
Previous Weekly Low	1.0426
Previous Monthly High	1.0628
Previous Monthly Low	1.0434
Daily Fibonacci 38.2%	1.0495
Daily Fibonacci 61.8%	1.0518
Daily Pivot Point S1	1.0437
Daily Pivot Point S2	1.04
Daily Pivot Point S3	1.0342
Daily Pivot Point R1	1.0532
Daily Pivot Point R2	1.059
Daily Pivot Point R3	1.0627

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.