AUD/NZD Technical Analysis: Immediate falling trendline guards post-RBA recovery

AUD/NZD takes a U-turn from the multi-month low after RBA.
Sellers look for entry below 61.8% Fibonacci retracement.
200-day EMA acts as the key resistance.

Anil Panchal FXStreet

AUD/NZD portrays a pullback from the 16-week low while taking the bids to 1.0500 amid the initial trading session on Tuesday. The recent run-up in prices could be attributed to the Reserve Bank of Australia’s (RBA) inaction.

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Even so, prices stay below a two-week-old falling trend line, at 1.0532 now, a break of which could escalate the recovery towards 50% Fibonacci retracement level of August-November rise, at 1.0565.

However, a 200-day Exponential Moving Average (EMA) near 1.0625 could keep medium-term buyers away from the pair.

Meanwhile, a daily closing below 61.8% Fibonacci retracement level of 1.0493 could recall sellers targeting August 12 low near 1.0450.

During the pair’s further downside under 1.0450, 1.0330 and August month bottom surrounding 1.0260 will be on the Bears’ radar.

AUD/NZD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.0499
Today Daily Change	8 pips
Today Daily Change %	0.08%
Today daily open	1.0491

Trends
Daily SMA20	1.0657
Daily SMA50	1.0702
Daily SMA100	1.0634
Daily SMA200	1.0573

Levels
Previous Daily High	1.0545
Previous Daily Low	1.0471
Previous Weekly High	1.0602
Previous Weekly Low	1.0521
Previous Monthly High	1.0867
Previous Monthly Low	1.0521
Daily Fibonacci 38.2%	1.0499
Daily Fibonacci 61.8%	1.0517
Daily Pivot Point S1	1.046
Daily Pivot Point S2	1.0428
Daily Pivot Point S3	1.0386
Daily Pivot Point R1	1.0534
Daily Pivot Point R2	1.0576
Daily Pivot Point R3	1.0608

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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