#AUDNZD @ 1.12196 A drop below 50% Fibo retracement and the 200-EMA has titled the bias towards the kiwi bulls. (Pivot Orderbook analysis)

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• A drop below 50% Fibo retracement and the 200-EMA has titled the bias towards the kiwi bulls.
• The RSI (14) has shifted into the bearish range of 20.00-40.00, which indicates more weakness ahead.
• The cross will be exposed to hit 1.1083 if it slips below Tuesday’s low at around 1.1200.

The pair currently trades last at 1.12196.

The previous day high was 1.1324 while the previous day low was 1.1197. The daily 38.2% Fib levels comes at 1.1245, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1275, expected to provide resistance.

The AUD/NZD pair has turned sideways in the Asian session after a less-confident pullback from 1.1200. Broadly, the asset is declining for the past two weeks after picking significant offers from 1.1470. The upside seems capped around 1.1240 due to a decline in Australian Westpac Consumer Confidence data.

On a four-hour scale, the cross has slipped below the 50% Fibonacci retracement (placed from August 17 low at 1.0990 to September’s high at 1.1491) at 1.1240. It is worth noting that the 200-period Exponential Moving Average (EMA) at 1.1275 has acted as a major cushion for the aussie bulls. The cross has surrendered the support of 200-EMA and has turned extremely bearish.

Adding to that, the Relative Strength Index (RSI) (14) has shifted into the bearish range of 20.00-40.00, which signals more downside in the asset going further.

A further decline below Tuesday’s low at 1.1197 will drag the asset towards September 8 low at 1.1115 followed by August 16 high at 1.1083.

Alternatively, a break above 23.6% Fibo retracement around 1.1375 will drive the asset towards September 30 high at 1.1440. A breach of the latter will send the asset toward September 26 high at 1.1462.

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.1227 at the time of writing. Pair opened at 1.1229 and is trading with a change of -0.02 % .

The pair is trading below its 20 Daily moving average @ 1.1333, above its 50 Daily moving average @ 1.1212 , above its 100 Daily moving average @ 1.1134 and above its 200 Daily moving average @ 1.0968

The previous day high was 1.1324 while the previous day low was 1.1197. The daily 38.2% Fib levels comes at 1.1245, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1275, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1176, 1.1123, 1.1049
• Pivot resistance is noted at 1.1303, 1.1376, 1.1429

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