- Analytics
- News and Tools
- Market News
- AUD/NZD Price Analysis: More downside below 100-day SMA near 1.0550
AUD/NZD Price Analysis: More downside below 100-day SMA near 1.0550
- AUD/NZD edges lower on Friday in the Asian trading hours.
- Upside momentum recedes upon reaching 1.0600.
- Momentum oscillators hold onto the overbought zone warn caution.
AUD/NZD is on the verge to erase weekly gains on Friday. The cross-currency pair confides in a narrow trade band with no meaningful traction. At the time of writing, AUD/NZD is trading at 1.0535, down 0.03% for the day.
AUD/NZD daily chart
-637698575730021158.png)
On the daily chart, the AUD/NZD pair has been under selling pressure after testing multi-month highs above 1.0600 on Wednesday. Now, the pair retreats below the 100-day Simple Moving Average (SMA) at 1.0550.
Having said that, if the price breaks the intraday low, it could test the 1.0500 horizontal support level. Now, a break beneath the ascending trendline from the lows of 1.0278 would prompt bears to capture the 1.0450 horizontal support area. Overbought Moving Average Convergence (MACD) suggests the possibility of the key 1.0400 level.
Alternatively, if the price moves higher manages to scale up beyond 100-day SMA, it could retest the 1.0590 horizontal resistance level followed by this Wednesday’s high at 1.0615. Next, AUD/NZD bulls would testify to the 1.0650 horizontal resistance level.
AUD/NZD additional levels
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
