AUD/NZD Price Outlook: Aussie looking for a floor against Kiwi, slumps to 1.0780

The AUD/NZD has etched in a new weekly low at 1.0780 after a week of declines.
The Aussie's backslide comes after reaching a technical ceiling at 1.0940.
Buyers to be pushed to the back end for next week if they can't grab ahold of moving average barriers.

Joshua Gibson FXStreet

The AUD/NZD has managed to hold on for Friday, closing out the trading week close to flat on the last day after declining over 1.1% peak-to-trough from Monday's peak near 1.0900.

The pair still remains down almost 1.4% from the last meaningful swing high into 1.0945 and Aussie bidders are beginning to run out of track as the AUD/NZD rotates into a bearish technical pattern, slipping below the 200-day Simple Moving Average (SMA) and on pace to extend declines back into the last low set in October near 1.0640.

The Moving Average Convergence-Divergence (MACD) on the daily candles is confirming a bearish signal following a slow and fast moving average crossover, and a Relative Strength Index (RSI) still near the midrange but declining slowly is implying there's still room to run on the down side before hitting oversold conditions.

AUD/NZD Hourly Chart

AUD/NZD Daily Chart

AUD/NZD Technical Levels

AUD/NZD

Overview
Today last price	1.0799
Today Daily Change	0.0005
Today Daily Change %	0.05
Today daily open	1.0794

Trends
Daily SMA20	1.0843
Daily SMA50	1.0808
Daily SMA100	1.0816
Daily SMA200	1.0817

Levels
Previous Daily High	1.0844
Previous Daily Low	1.0784
Previous Weekly High	1.0944
Previous Weekly Low	1.0854
Previous Monthly High	1.093
Previous Monthly Low	1.0624
Daily Fibonacci 38.2%	1.0807
Daily Fibonacci 61.8%	1.0821
Daily Pivot Point S1	1.0771
Daily Pivot Point S2	1.0748
Daily Pivot Point S3	1.0711
Daily Pivot Point R1	1.083
Daily Pivot Point R2	1.0866
Daily Pivot Point R3	1.0889

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.

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