With increased selling pressure, the AUD/NZD continues to fall.
If the pair falls significantly below 1.0730, more losses are possible.
For aggressive bids, the momentum oscillator indicates negative caution.
AUD/NZD is down significantly in the Asian session on Tuesday morning. The pair began on a higher note, but it gradually faded and fell to a low of 1.0733.
AUD/NZD is currently trading at 1.0735, down 0.28 percent on the day.
On the daily chart, the AUD/NZD currency pair has been under pressure to the upward near the critical psychological level of 1.0800. The pair’s significant resistance barrier is the falling trendline from the high of 1.0948.
If price breaks the session’s low of 1.0731, a possible drop to the June 25 low of 1.0720 cannot be ruled out. This also happens to be the same time when a 1.0725 critical level is broken, revealing various support forms.
As a result, the couple has plenty of room to test the prior lower levels. The 1.0700 horizontal support level would be the first in line, followed by the June 2 low in the 1.0650 range.
The 14-day Relative Strength Index (RSI) indicator, on the other hand, is at 50. Any increase in the RSI could prompt buyers to return to the market.
Bulls in the AUD/NZD would aim for the 50-day SMA around 1.0750, while keeping an eye on the previous day’s high of 1.0771.
The next possible point of resistance is the high of June 11 at 1.0816.
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