AUD/NZD Technical Analysis: 2-week old support-line continues to favor bulls

Anil Panchal FXStreet

Despite witnessing pullbacks from 1.0610, the AUD/NZD pair bounced off the fortnight-long upward sloping support-line and is presently trading around 1.0590 during early Friday.

The quote has been closely following the aforementioned trend-line that favors buyers targeting 200-day simple moving average (SMA) level on the daily chart, near 1.0695/1.0700.

Though, recent highs of 1.0610 and January month top surrounding 1.0670 may offer intermediate halts to the rise toward 1.0700.

Meanwhile, a downside break of 1.0570 support might not hesitate to drag the quote to 23.6% Fibonacci retracement of its upside since March 25 near 1.0530.

Additionally, 1.0490 and 1.0450 may provide buffer stops to prices whereas 61.8% Fibonacci retracement at 1.0400 could question the bears afterward.

AUD/NZD 4-Hour chart

Trend: Bullish

additional important levels

Overview
Today last price	1.0592
Today Daily Change	-4 pips
Today Daily Change %	-0.04
Today daily open	1.0596

Trends
Daily SMA20	1.0425
Daily SMA50	1.0427
Daily SMA100	1.0488
Daily SMA200	1.069

Levels
Previous Daily High	1.0611
Previous Daily Low	1.0542
Previous Weekly High	1.0576
Previous Weekly Low	1.0401
Previous Monthly High	1.0455
Previous Monthly Low	1.0274
Daily Fibonacci 38.2%	1.0585
Daily Fibonacci 61.8%	1.0568
Daily Pivot Point S1	1.0555
Daily Pivot Point S2	1.0514
Daily Pivot Point S3	1.0486
Daily Pivot Point R1	1.0624
Daily Pivot Point R2	1.0652
Daily Pivot Point R3	1.0693

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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