- AUD/NZD remains muted in the Asian session.
- The cross is under pressure after touching the high of 1.0816.
- Momentum oscillator tilts in favor of bears.
The AUD/NZD price edges lower on Wednesday morning in the Asian session. The cross-currency pair extends the previous session’s decline and holds onto the losses.
At the time of writing, AUD/NZD trades at 1.0788, down 0.06% for the day.
AUD/NZD daily chart
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On the daily chart, the pair has been consolidating near the 1.0800 mark. The descending trendline from the high of 1.0927 acts as a barrier for the bulls.
If price breaks the intraday low, then it could instil more selling opportunities in the pair with the first target in place at the 50-day Simple Moving Average (SMA) at 1.0760. The next on the bear's radar would be the 1.0740 horizontal support level.
The Relative Strength Index (RSI) trades below 50, which signifies the downside momentum in the pair. In doing so, the price action would be seen approaching the 1.0725 horizontal support level.
Alternatively, if price moves higher, then AUD/NZD could retest the high of June 11 in the vicinity of the 1.0820 area. This would also coincide with the bearish sloping line.
Above this area, the bulls would attempt to recoup the levels last seen in April. The pair would seek the high of April 19 at 1.0851.
Next, the market participants will move forward to capture the 1.0875 horizontal resistance level.