AUD/NZD Price Analysis: Swings in between 21-day and 50-day SMA confluence

• AUD/NZD edges higher on Tuesday in the Asian trading hours.
• The cross-currency pair faces a resistance barrier near 1.0500.
• The Momentum oscillator holds above the midline, which indicates underlying bullish sentiment.

AUD/NZD fails to sustain the previous session’s gains on Tuesday. The cross-currency pair stayed in a narrow trade band with an upside bias. At the time of writing, AUD/NZD is trading at 1.0458, up 0.06% 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 1.0615 on October, 12. The downside took a breather near the 50-day Simple Moving Average (SMA) at 1.0429. 

A successful daily close above the 21-day Simple Moving Average (SMA) at 1.0488 would mean the 1.0550 horizontal resistance level for the spot.

The Moving Average Convergence (MACD) trades above the midline. Any uptick in the MACD suggests the possibility of the high made on October, 14 at 1.0610. Further, a close above the October, 12 high would bring the levels last seen in July back into action at the 1.0650 horizontal resistance zone.
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Alternatively, if the price moves lower, it would first retest the 50-day SMA at 1.0436. Next, on the bear’s radar will be the 1.0380 horizontal support level and then September, 27 low of 1.0334.

AUD/NZD additional levels