- AUD/NZD consolidates in the Asian session.
- Holding onto the 1.0750 key psychological level.
- Oversold momentum oscillator caution against aggressive bids.
The AUD/NZD seesaws in the Asain session on the last trading day of the week. The pair confides in a narrow trading band of 1.0750-1.0770 with modest losses.
At the time of writing, the AUD/NZD trades at 1.0762, down 0.07% on the day.
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On the daily chart, the cross has been consolidating near the 1.0750 key psychological mark. On moving higher, the first area of resistance would be the 50-hour Simple Moving Average (SMA) at 1.0800 followed by May 4 high at 1.0824.
The next area of resistance would be the 1.0845 horizontal resistance level.
Alternatively, the oversold Moving Average Convergence Divergence (MACD) indicates stretched selling opportunities. However, any downtick could propel the prevailing downward trend. In doing so, the first stoppage could be the lows of May 7 at 1.0740.
Market participants would next be looking out for the 1.0720 horizontal support level followed by monthly lows at 1.0698.
