The AUD/NZD on the 4-Hour time frame has been following a downtrend recently. The price dipped below the key level of 1.07000 on 12 November to reach the lowest level of the period under study at 1.06091. Bears are pushing the price lower as key technical indicators are supporting the bearish trend. As of writing, the price is hovering around 1.06145 with negative MACD and price below 200-period simple moving average. Bears are eyeing a break below the 1.06000 mark.
The 4-Hour chart of the AUD/NZD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the currency pair. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
An alternative scenario, key resistance level lies at 1.08671. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-Hour chart of the AUD/NZD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the currency pair. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
An alternative scenario, key resistance level lies at 1.08671. Bulls must break this level in order to regain bullish sentiment in the market.