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 faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.