AUD/NZD Price Analysis: Bears challenges 1.0750 mark

• AUD/NZD accumulates gains below 1.0760 in the Asian session.
• More downside envisioned if price breaks below 1.0750.
• Momentum oscillator remains on oversold zone caution on any directional bets.

The AUD/ NZD price makes consolidative moves in the Asian session. The cross is confined in a very narrow trading band following the downbeat Westpac Consumer Confidence data which fell to 4.7% MoM in May.

At the time of writing, AUD/NZD is trading at 1.0757, down 0.04% on the day.

AUD/NZD daily chart

On the daily chart, the cross has been consolidating near the 1.0750 mark, with multiple bottom formations making it a critical level to trade. The descending trend line from the high of 1.0947 acts as a defensive for the bulls.

If price breaks below the above mentioned key psychological mark, then it would intensify the selling pressure towards Monday low at 1.0722. The next level on the radar of  AUD/NZD bears would be the May 14 low at 1.0714.

The Moving Average Convergence Divergence (MACD) indicator reads below the midline with a neutral stance. Any downtick would open the gates for the April 30 low in the vicinity of the 1.0695 area.

Alternatively, if price makes a sustained move above the 20-day Simple Moving Average (SMA) at 1.0760, then it would meet the first hurdle at the previous day high at 1.0790. The bulls would then have the opportunity to test the 1.0815 horizontal resistance level followed by the May 13 high at 1.0850.

AUD/NZD Additional Levels