AUD/NZD Technical Analysis: Bearish breakout leaves cross vulnerable to more losses

The Australian dollar dropped sharply against the Kiwi, falling firmly below January and December lows. The consolidation under the 1.0400 area leaves the pair vulnerable to more losses over the next days.
The next target to the downside could be seen at 1.0320; below a strong resistance is seen at 1.0235.
A recovery back above 1.0420 would ease the negative tone. The two key levels to watch are 1.0550 (horizontal) and 1.0590 (downtrend line). A close above 1.0600 would strengthen the case for a recovery.

Matías Salord FXStreet

AUD/NZD Daily chart

AUD/NZD

Overview:
    Today Last Price: 1.0387
    Today Daily change: -0.0047 pips
    Today Daily change %: -0.45%
    Today Daily Open: 1.0434
Trends:
    Daily SMA20: 1.0519
    Daily SMA50: 1.052
    Daily SMA100: 1.0651
    Daily SMA200: 1.0775
Levels:
    Previous Daily High: 1.0545
    Previous Daily Low: 1.0396
    Previous Weekly High: 1.0538
    Previous Weekly Low: 1.0382
    Previous Monthly High: 1.0671
    Previous Monthly Low: 0.9631
    Daily Fibonacci 38.2%: 1.0453
    Daily Fibonacci 61.8%: 1.0488
    Daily Pivot Point S1: 1.0372
    Daily Pivot Point S2: 1.031
    Daily Pivot Point S3: 1.0223
    Daily Pivot Point R1: 1.052
    Daily Pivot Point R2: 1.0607
    Daily Pivot Point R3: 1.0669

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.

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