Home AUD/NZD technical analysis: Failure to sustain trend-line break signals 1.0555/50 comeback
FXStreet News

AUD/NZD technical analysis: Failure to sustain trend-line break signals 1.0555/50 comeback

  • 38.2% Fibo. seems immediate support while oversold RSI conditions could challenge further downside.
  • 1.0590 restricts immediate upside.

Despite recovering from 38.2% Fibonacci retracement of March 25 to April 17 upside, AUD/NZD failed to clear immediate trend-line resistance and is presently indicating 1.0555/50 support re-test while trading around 1.0570 during early Tuesday.

However, oversold conditions of 14-bar relative strength index (RSI) raise doubts over additional declines of the pair under 1.0550, which if ignored can drag the quote to 1.0530 horizontal support.

It should also be noted that 1.0500, 1.0490 and 61.8% Fibonacci retracement near 1.0450 could become sellers’ favorites past-1.0550.

On the upside, 1.0590, 23.6% Fibonacci retracement at 1.0620 and the two-week long resistance line at 1.0645 seem adjacent upside levels to question buyers.

Additionally, 1.0680, 1.0710 and 1.0730 might please the bulls past-1.0645.

AUD/NZD 4-Hour chart

Trend: Down

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.