AUD/NZD bounces up and down

Source: Dukascopy Bank SA


In general, the AUD/NZD pair has been mostly going up and down in a 500 pip range for most of 2023. It respects the 50 and 200-day simple moving averages and marked low and high level zones. By the end of the year, the rate was facing the two SMAs that acted as resistance near 1.0800.

A move above the moving averages is set to face resistance of the 2023 second-half high level range at 1.0930/1.0950. If this range fails to keep the pair down, the AUD/NZD is highly likely going to test the 2023 high level range at 1.1030/1.1095.

In the meantime, a potential decline of the Australian Dollar against the New Zealand Dollar is expected to approach the 2023 low level zone at 1.0565/1.0620. Below this support range, note the 2022 low level at 1.0475.
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