AUD/NZD technical analysis: Sellers check 5-week old resistance-line, overbought RSI to sneak in

The near-term upside can be questioned by immediate trend-line, overbought RSI.
1.0550 seem immediate support during the pullback.

Anil Panchal FXStreet

The AUD/NZD pair’s recovery from 1.0495 might find it hard to remain for long as the quote is on the bids near 1.0580 during the early Asian session on Wednesday.

Among the upside barriers, sellers may concentrate on the five-week-old trend-line resistance at 1.0590 and overbought levels of 14-bar relative strength index (RSI) in order to pull the prices back to 1.0550.

Should there be additional declines under 1.0550, 1.0520 and recent lows of 1.0495 may become bears’ favorites.

Meanwhile, the pair’s break of 1.0590 can further escalate its rise towards the late-May end around 1.0635 and then to 61.8% Fibonacci retracement level of May-June drop at 1.0645.

During the pair’s additional up-moves past-1.0645, 1.0670, 1.0700 and May tops near 1.0735 can be aimed if holding a long position.

AUD/NZD 4-Hour chart

Trend: Pullback expected

1. R3 1.0658
2. R2 1.0621
3. R1 1.0599
PP 1.0561
1. S1 1.054
2. S2 1.0502
3. S3 1.0481

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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