AUD/NZD Technical Analysis: Descending trendlines dominate, 1.0300 grabs immediate attention

• AUD/NZD seesaws around the recent low of 1.0310 during early Wednesday.
• In addition to seven-week-old descending trend-line, an immediate resistance-line stretched since March 05 also portrays that the trading sentiment is governed by bears.
• After softer than previous New Zealand food price index, investors may await Australia’s Westpac consumer confidence to determine near-term moves.
• The consumer sentiment index from Australia grew 4.3%, the highest since April 2016, during its February month release.
• 61.8% Fibonacci expansion of January 21 to February 21 moves, at 1.0300 grabs immediate attention of sellers.
• Should prices slid beneath 1.0300, September 2016 low near 1.0230 can appear in the spotlight.
• On the upside, immediate resistance-line can cap the advances at 1.0340, a break of which may trigger recovery challenging 1.0365.
• However, a bit broader downward sloping trend-line at 1.0400 could question buyers’ strength then after.

AUD/NZD 4-Hour chart