AUD/NZD Technical Analysis: 1.0365 keeps flashing on bear’s radar

AUD/NZD daily chart

• AUD/NZD is trading near 1.0395 during early Asian sessions on Monday.
• The pair is weak since late-February and highlights the importance of previous month low around 1.0365.
• Should the pair drops beneath 1.0365, the bears can aim for 1.0310 and the 1.0220 during further downside.
• Alternatively, 1.0460 and 50-day simple moving average (SMA) figure of 1.0500 can limit the pair’s near-term advances.
• In case prices rally beyond 1.0500, a downward sloping trend-line that joins the October – December high, at 1.0535, seem crucial to watch.

AUD/NZD 4-Hour chart

• The pair needs to provide a decisive close beneath an ascending support-line connecting low of February 14 and 26, at 1.0390, in order to open its drop toward 1.0365 rest-points.
• Herein, the 61.8% Fibonacci expansion (FE) level of January – February moves, near 1.0300, can act as intermediate support between 1.0310 and 1.0220.
• On the upside, 1.0425 and a six-week-old resistance-line at 1.0450 can limit the pair’s near-term advances.
• Additionally, the pair’s successful break of 1.0450 could escalate its recovery to 1.0490 and 1.0530 resistances.

AUD/NZD hourly chart

• On the H1 chart, 1.0460 may act as buffer past-1.0450.
• Meanwhile, 1.0380 can also offer a stop after 1.0390 and before 1.0365.