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  • 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