#AUDNZD @ 1.08627 remains pressured within the key DMA envelope, defends the previous day’s pullback from one-week high., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• AUD/NZD remains pressured within the key DMA envelope, defends the previous day’s pullback from one-week high.
• Convergence of six-week-old ascending trend line, previous resistance line from February 21 appears a tough nut to crack for bears.
• Downbeat MACD, RSI join repeated failure to cross 50-DMA to keep bears hopeful.

The pair currently trades last at 1.08627.

The previous day high was 1.0888 while the previous day low was 1.0802. The daily 38.2% Fib levels comes at 1.0855, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0835, expected to provide support.

AUD/NZD holds lower grounds near 1.0860 as traders await the key Reserve Bank of Australia (RBA) Interest Rate Decision during early Tuesday. In doing so, the exotic pair remains between the 100-DMA and the 50-DMA.

Also read: Reserve Bank of Australia Preview: AUD/USD set to suffer on a dovish outlook

Not only the key DMAs but contrasting trading signals by the breakout of a two-week-old resistance line, now support, as well as sustained trading below the 50-DMA and bearish MACD signals, also challenge the AUD/NZD pair traders ahead of the key event.

As a result, the pair needs to overcome the 1.0890-50 trading range for clear directions.

That said, a downside break of the 100-DMA, around 1.0850 isn’t an open invitation to the AUD/NZD bears as a convergence of the previous resistance line from February 21 and a six-week-old ascending support line, around 1.0810, appears a tough nut to crack for the bears.

Following that, a slump toward the January 19 swing low of 1.0737 can’t be ruled out.

Meanwhile, the AUD/NZD pair’s recovery beyond the 50-DMA hurdle of 1.0890 needs validation from the 1.0900 threshold to convince the bulls.

In that case, highs marked during early January and February, around 1.0935 and 1.1030 respectively, could challenge the upside momentum before highlighting the previous monthly peak of 1.1087.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0864 at the time of writing. Pair opened at 1.0877 and is trading with a change of -0.12% % .

The pair is trading below its 20 Daily moving average @ 1.0951, below its 50 Daily moving average @ 1.0886 , above its 100 Daily moving average @ 1.0858 and below its 200 Daily moving average @ 1.0999

The previous day high was 1.0888 while the previous day low was 1.0802. The daily 38.2% Fib levels comes at 1.0855, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0835, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0823, 1.077, 1.0737
• Pivot resistance is noted at 1.091, 1.0942, 1.0996

[/s2If]
Join Our Telegram Group