#AUDNZD @ 1.09395 picks up bids to extend week-start rebound from monthly low., @nehcap view: Further upside 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 picks up bids to extend week-start rebound from monthly low.
• Australia Retail Sales rose past market forecasts and prior readings to print 1.9% growth in January.
• Convergence of 100-EMA, previous support line from late December 2022 challenge buyers.
• Upbeat oscillators, firmer Aussie data suggest further upside.

The pair currently trades last at 1.09395.

The previous day high was 1.0934 while the previous day low was 1.0908. The daily 38.2% Fib levels comes at 1.0924, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0918, expected to provide support.

AUD/NZD bulls keep the reins around the mid-1.0900s while stretching the week-start recovery moves following the strong Australia Retail Sales data on early Tuesday. In doing so, the cross-currency pair approaches the short-term key resistance confluence.

That said, Australia’s seasonally adjusted Retail Sales rose 1.9% MoM versus 1.5% market forecasts and -3.9% previous readings, which in turn allowed the Aussie pair to refresh the intraday high near 0.6750.

Not only the upbeat Aussie data but the quote’s rebound from the 38.2% Fibonacci retracement level of the pair’s run-up between late 2022 and early February 2023, as well as the bullish MACD signals and upbeat RSI (14), also keep the AUD/NZD buyers hopeful.

However, a convergence of the 100-bar Exponential Moving Average (EMA) and the previous resistance line from late December 2022, around 1.0960, appears the key hurdle for the AUD/NZD bulls to cross to convince the buyers.

Following that, a run-up towards the 1.1000 psychological magnet and then to the monthly high surrounding 1.1090 can’t be ruled out.

Alternatively, the stated 38.2% Fibonacci retracement level puts a floor under the AUD/NZD prices of around 1.0900.

Following that, a seven-week-old horizontal support zone near 1.0880 will be crucial for the pair traders to watch as a break of which could convince sellers to retake control.

Trend: Further upside expected

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0942 at the time of writing. Pair opened at 1.0927 and is trading with a change of 0.14% % .

The pair is trading below its 20 Daily moving average @ 1.0971, above its 50 Daily moving average @ 1.0868 , above its 100 Daily moving average @ 1.0871 and below its 200 Daily moving average @ 1.1001

The previous day high was 1.0934 while the previous day low was 1.0908. The daily 38.2% Fib levels comes at 1.0924, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0918, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0912, 1.0897, 1.0886
• Pivot resistance is noted at 1.0938, 1.0949, 1.0964

[/s2If]
Join Our Telegram Group