AUD/NZD technical analysis: Buyers step back ahead of China’s Caixin Manufacturing PMI

AUD/NZD struggles to cross 4.5-month-old resistance-line amid overbought RSI.
China’s August month Caixin Manufacturing PMI is in the spotlight.

Anil Panchal FXStreet

AUD/NZD fails to clear a falling trend-line since April 17 as it makes the rounds to 1.0680 during Asian session on Monday.

In addition to the near-term key resistance-line, overbought condition of 14-bar relative strength index (RSI) and traders’ cautious mood ahead of China’s Caixin Manufacturing purchasing managers’ index (PMI) data also limit the pair’s upside.

Should prices take a U-turn, which is a highly likely scenario considering 49.8 forecasts for China’s data versus 49.9 prior, May-end top surrounding 1.0634 and 10-day simple moving average (DMA) level of 1.0612 can entertain sellers ahead of pushing them to three-week-long support-line of 1.0570.

Meanwhile, a positive surprise can quickly fuel prices beyond 1.0700 resistance-line to April month high of 1.0734 and then in the direction to early November 2018 high surrounding 1.0770.

AUD/NZD daily chart

Trend: pullback expected

AUD/NZD

Overview
Today last price	1.0678
Today Daily Change	0.0044
Today Daily Change %	0.41%
Today daily open	1.0634

Trends
Daily SMA20	1.0535
Daily SMA50	1.0485
Daily SMA100	1.0534
Daily SMA200	1.051

Levels
Previous Daily High	1.0696
Previous Daily Low	1.0633
Previous Weekly High	1.0696
Previous Weekly Low	1.053
Previous Monthly High	1.0696
Previous Monthly Low	1.0263
Daily Fibonacci 38.2%	1.0657
Daily Fibonacci 61.8%	1.0672
Daily Pivot Point S1	1.0612
Daily Pivot Point S2	1.0591
Daily Pivot Point S3	1.0549
Daily Pivot Point R1	1.0675
Daily Pivot Point R2	1.0717
Daily Pivot Point R3	1.0739

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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