AUD/NZD Price Analysis: Aussie rises back above 1.0400, still in danger zone

Rally of the Aussie post-RBA turns short-lived.
AUD/NZD hits weekly lows under 1.0400, but then rebounds.

Matías Salord FXStreet

The rebound of the AUD/NZD after the Reserve Bank of Australia meeting was short-lived. The cross then dropped to 1.0380, the lowest since last week. It is hovering around the critical area of 1.0400.

Despite avoiding so far a sharp breakout under 1.0400, technical indicators on the daily chart still favor the downside. A close above 1.0450 would be a positive development for the aussie, suggesting a consolidation ahead with a potential recovery to 1.0500. The next resistance is seen at 1.0510 followed by 1.0540.

While under 1.0450, AUD/NZD seems vulnerable and a consolidation under 1.0400 should target; below the next support stands at 1.0300.

AUD/NZD daily chart

AUD/NZD

Overview
Today last price	1.0405
Today Daily Change	-0.0022
Today Daily Change %	-0.21
Today daily open	1.0427

Trends
Daily SMA20	1.0444
Daily SMA50	1.0546
Daily SMA100	1.0648
Daily SMA200	1.069

Levels
Previous Daily High	1.0438
Previous Daily Low	1.0399
Previous Weekly High	1.0448
Previous Weekly Low	1.0338
Previous Monthly High	1.0592
Previous Monthly Low	1.0338
Daily Fibonacci 38.2%	1.0423
Daily Fibonacci 61.8%	1.0414
Daily Pivot Point S1	1.0404
Daily Pivot Point S2	1.0382
Daily Pivot Point S3	1.0365
Daily Pivot Point R1	1.0444
Daily Pivot Point R2	1.046
Daily Pivot Point R3	1.0483

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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