AUD/NZD Price Analysis: Holds below 50.0% Fibonacci retracement

• AUD/NZD edges higher on Monday in the Asian trading hours.
• The cross-currency pair finds support near the 21-day SMA.
• The momentum oscillator holds onto the overbought zone with receding momentum.

AUD/NZD prints fresh gains on Monday in the initial Asian trading hours. The cross-currency pair opened lower but quickly traveled higher. At the time of writing, AUD/NZD is trading at 1.0449, up 0.16% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD cross-currency pair has been under selling pressure after testing high above 1.0610 on October, 12. The downside took a breather near the 50-day Simple Moving Average (SMA) at 1.0431. 

A daily close above the 50.0% Fibonacci retracement level, which extends from the low of 1.0278 at 1.0443 would result in the meeting the previous session’s high at 1.0497. The Moving Average Convergence (MACD) trades above the midline. Any uptick in the MACD suggests the possibility of  the 1.0550 horizontal resistance level followed by the high made on October, 14 at 1.0610.
.
Alternatively, if the price moves lower, it would first retest the 61.8% Fibonacci retracement level at 1.0405. Next, on the bear’s radar will be the 1.0350 horizontal support level and then September, 17 low of 1.0294.

AUD/NZD additional levels