- 100 and 200-day moving averages (DMA) restrict immediate upside of the AUD/NZD pair.
- 1.0458 becomes close support contrasting nearby resistance comprising 61.8% Fibonacci retracement.
- RBA’s Lowe provides dovish testimony before the House of Representatives.
Despite trading near four-week high, AUD/NZD fails to extend its run-up while taking rounds to 1.0500 during the Asian session on Friday.
The Reserve Bank of Australia’s (RBA) Governor Philip Lowe is speaking in front of the House of Representatives. His latest comments showed readiness to adopt unconventional measures at the same praising weakness of the Australian Dollar (AUD).
Limiting the pair’s immediate upside is 1.0520/22 confluence comprising 100/200-DMA, a break of which can propel prices to 61.8% Fibonacci retracement of April – August declines, at 1.0553.
In a case where the quote rises past-1.553, mid-June month high near 1.0591 could please buyers.
On the downside, 1.0458 acts as nearby support ahead of 38.2% Fibonacci retracement level of 1.0442.
Given the pair’s sustained downpour beneath 1.0442, sellers can aim for sub-1.0400 mark.
AUD/NZD daily chart
Trend: Pullback expected
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