AUD/NZD Price Analysis: Looking bearish after falling back into 1.0700
- The AUD/NZD is softening up this week, sifting back into the 1.0700 handle.
- The Aussie's jumpstart last week failed to materialize any meaningful bullish momentum.
The AUD/NZD has settled back steadily this week, slipping away from last week's late swing high into 1.0750. The Aussie (AUD) is broadly lower on the week, shedding weight against the rest of the major currencies.
The AUD/NZD has spent most of 2023 cycling in rough sideways churn, rotating between boundaries roughly between 1.0950 and 1.0650.
The AUD/NZD has been stuck to the 200-hour Simple Moving Average (SMA) ever since rising into the high side of intraday action last week, but the pair's bullish recovery appears to have been cut short as the Aussie waffles against the Kiwi.
The AUD is down over two and a quarter percent from early November's peak near 1.0940, hitting a swing low within reaching distance of October's bottom bids of 1.0625.
A bullish reversal ran into a hard wall at 1.0750 last Friday, and the pair has steadily deflated ever since, threatening to destabilize back into lows near 1.0660.
Australian Dollar price this week
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies this week. Australian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.32% | -0.14% | 0.02% | 0.24% | 0.23% | -0.22% | -0.50% | |
| EUR | 0.32% | 0.18% | 0.32% | 0.56% | 0.54% | 0.10% | -0.20% | |
| GBP | 0.15% | -0.18% | 0.15% | 0.38% | 0.37% | -0.08% | -0.38% | |
| CAD | 0.00% | -0.32% | -0.15% | 0.23% | 0.26% | -0.22% | -0.51% | |
| AUD | -0.24% | -0.56% | -0.39% | -0.24% | -0.01% | -0.45% | -0.76% | |
| JPY | -0.22% | -0.55% | -0.46% | -0.21% | 0.02% | -0.45% | -0.74% | |
| NZD | 0.22% | -0.10% | 0.08% | 0.24% | 0.46% | 0.44% | -0.31% | |
| CHF | 0.52% | 0.20% | 0.37% | 0.52% | 0.75% | 0.74% | 0.30% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
AUD/NZD Hourly Chart
AUD/NZD Daily Chart
AUD/NZD Technical Levels
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
