The currency pair AUDNZD, currently trading at 1.08276, has experienced a decline of 50 pips, resulting in a new low over several days, following the disappointing release of Australia’s Monthly CPI for May. According to the perspective of @nehcap, a rebound to correct this decline is expected.
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- AUD/NZD drops 50 pips to refresh multi-day low after Australia’s Monthly CPI for May disappoints.
The pair currently trades last at 1.08276.
The previous day high was 1.0874 while the previous day low was 1.0825. The daily 38.2% Fib levels comes at 1.0856, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0844, expected to provide resistance.
AUD/NZD slumps 50 pips to refresh the monthly low around 1.0800 after Australia’s headline inflation data disappoint the buyers on early Wednesday. That said, the pair rebounds to 1.0825 following the data.
That said, Australia’s Monthly Consumer Price Index (CPI) for May drops to 5.6% YoY versus 6.1% expected and 6.8% prior. The same amplifies concerns about the Reserve Bank of Australia’s (RBA) pause in the rate hikes after two consecutive hawkish surprises, which in turn drowns the Australian Dollar (AUD) versus other currencies.
While the nearly oversold RSI conditions join the two-week-old falling support line to trigger the quote’s latest bounce, the 200-SMA restricts the immediate upside of the pair near 1.0850.
Following that, a broad resistance zone comprising multiple levels marked since early June, near 1.0910-35, will be a tough nut to crack for the AUD/NZD bulls.
Meanwhile, a downside break of the immediate support line, close to 1.0790 by the press time, will direct the AUD/NZD price to the 61.8% Fibonacci retracement of the May-June upside, near 1.0750.
In a case where the exotic pair remains bearish past 1.0750, the 1.0700 round figure may act as the last defense of the bulls.
Trend: Corrective bounce expected
Technical Levels: Supports and Resistances
AUDNZD currently trading at 1.0817 at the time of writing. Pair opened at 1.085 and is trading with a change of -0.30% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0817 |
| 1 | Today Daily Change | -0.0033 |
| 2 | Today Daily Change % | -0.30% |
| 3 | Today daily open | 1.085 |
The pair is trading below its 20 Daily moving average @ 1.0951, above its 50 Daily moving average @ 1.0816 , above its 100 Daily moving average @ 1.0816 and below its 200 Daily moving average @ 1.0871
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0951 |
| 1 | Daily SMA50 | 1.0816 |
| 2 | Daily SMA100 | 1.0816 |
| 3 | Daily SMA200 | 1.0871 |
The previous day high was 1.0874 while the previous day low was 1.0825. The daily 38.2% Fib levels comes at 1.0856, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0844, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0825, 1.0801, 1.0776
- Pivot resistance is noted at 1.0875, 1.0899, 1.0924
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0874 |
| Previous Daily Low | 1.0825 |
| Previous Weekly High | 1.1062 |
| Previous Weekly Low | 1.0866 |
| Previous Monthly High | 1.0834 |
| Previous Monthly Low | 1.0560 |
| Daily Fibonacci 38.2% | 1.0856 |
| Daily Fibonacci 61.8% | 1.0844 |
| Daily Pivot Point S1 | 1.0825 |
| Daily Pivot Point S2 | 1.0801 |
| Daily Pivot Point S3 | 1.0776 |
| Daily Pivot Point R1 | 1.0875 |
| Daily Pivot Point R2 | 1.0899 |
| Daily Pivot Point R3 | 1.0924 |
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