- AUD/NZD remains muted in the Asain trading session on Friday.
- Additional loose envisioned for the pair if price breaks 1.0540.
- Momentum oscillators indicate underlying bearish sentiment
AUD/NZD treads water on the last trading week of the day in the Asian trading hours. The pair lacks direction and hovers in a narrow price band.
At the time of writing, AUD/NZD is trading at 1.0554, down 0.01% for the day.
AUD/NZD daily chart
On the daily chart, the AUD/NZD pair has been trading below the 20-day Simple Moving Average (SMA) near 1.0623.
A sustained move above the intraday low would bring more selling opportunities.
In doing so, the levels last seen in 2020 could be back in action with the first lower target at 1.0512 low of December 9, 2020, followed by the previous day’s low in the vicinity of 1.0500.
The Moving Average Convergence Divergence (MACD) indicator holds in the oversold zone. Any downtick in the MACD would accelerate the selling pressure toward December 4, a low of 1.0506.
Alternatively, if price moves higher, it would retest the 1.0585 horizontal resistance level.
Further, AUD/NZD bulls would aim for the previous day’s high at 1.0641
The market participants will keep their eyes on the 1.0697 horizontal resistance level.
AUD/NZD additional levels