- AUD/NZD remains depressed near the lowest in 16 weeks.
- Bearish MACD, sustained trading below 200-day SMA, six-month-old rising trend line favor sellers.
- Bulls can aim for September low only if clearing the multi-day-long resistance line, previous support.
AUD/NZD drops to 1.0596 during the early Friday morning in Asia. In doing so, the pair seesaws near the previous day’s low, also around the July month’s bottom while keeping its downside break of an ascending trend line from April 21, as well as 200-day SMA.
Other than the extended fall beneath the previous key supports, bearish MACD also favors the sellers to aim for the 1.0558 figure, comprising July month’s low, as immediate support. However, a downward sloping trend line from September 03, at 1.0550 now, can challenges the AUD/NZD pair sellers afterward.
If at all the quote refrains from bouncing off 1.0550, 50% Fibonacci retracement of March-August upside, around 1.0485, will be on the sellers’ radar.
During the pair’s pullback move, which is less likely before 1.0550, the 200-day SMA level of 1.0635 can offer adjacent resistance ahead of the previous support line, currently around 1.0675.
It should, however, be noted that AUD/NZD bulls can return to the table on a successful break above 1.0675. Following that, the 1.0700 threshold and September month’s low near 1.0715 could lure them.
AUD/NZD daily chart
Trend: Bearish
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