- The AUD/NZD is falling back after peaking on Wednesday.
- Antipodean cross pair is cycling familiar territory as bulls refuse to go down.
- AUD losing upside momentum could signal another turn towards the downside.
The AUD/NZD is trading back into the 1.0900 handle, a level that has been trapping the cross pair for most of 2023.
The Aussie (AUD) has seen a firm recovery since bottoming out in early October near 1.0625, but bullish momentum appears to be draining out of the charts quickly as intraday action begins to print exhaustion patterns.
On the daily candlesticks, the Relative Strength Index (RSI) has begun to roll over into a bearish trend after tipping into overbought territory last week, but traders will note that the Moving Average Convergence-Divergence (MCAD) oscillator still hasn't seen a slow-MA crossover confirming aa bearish bias in candlesticks yet.
The median point for price action currently sits near 1.0825 where the 50-day and 200-day Simple Moving Averages (SMA) are currently converging as long-term momentum drifts into the middle.
AUD/NZD Hourly Chart
AUD/NZD Daily Chart
AUD/NZD Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds position around 1.0850 due to bullish bias
EUR/USD halts its seven-day winning streak, trading around 1.0830 during the early Monday. The renewed demand for the US Dollar puts pressure on the pair. However, the decline in the US Treasury yields could limit the upside of the Greenback and put pressure on the pair.
GBP/USD loses traction near 1.2800 amid modest recovery of US Dollar
GBP/USD trades on a softer note near 1.2805, snapping the seven-day winning streak during the early Monday. The recovery of the Greenback drags the major pair lower. However, the downside for the pair might be limited amid the rising bet that the Federal Reserve will cut the interest rate in the third quarter.
Gold down but not out, as upside bias stays intact
Gold price is correcting lower from near six-week highs of $2,393 set on Friday, despite a broadly subdued US Dollar. A modest recovery in the US Treasury bond yields and China’s pause on Gold buying for the second consecutive month in June.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin falls below $55,000 level
Bitcoin dropped below $56,552 on Sunday, disrupting market structure and signaling a bearish outlook. Ethereum and Ripple also revisited their support levels, slipping below critical thresholds, indicating a possible downtrend for these assets in the days ahead.
French election: It’s all over for Marine Le Pen, but the left weighs on the Euro
The deciding vote in the French Parliamentary elections closed this evening, and the exit poll suggests a shock result. The winning party is the left alliance, the popular front, which was pulled together to try and keep Le Pen’s far right National Rally party out of power.