AUD/NZD Price Prediction: A Significant Increase For Monday, With 1.09 In Site

TOPONE Markets | 2023-11-20 18:43

Abstract：The AUD/NZD is making substantial efforts on Monday to locate a level of support. From a technical perspective, the Australian dollar is showing signs of recovery following a decline throughout the majority of November. However, as opposing forces grow stronger, the bulls are faced with an increasingly challenging struggle that appears difficult to overcome.

The AUD/NZD is making substantial efforts on Monday to locate a level of support. From a technical perspective, the Australian dollar is showing signs of recovery following a decline throughout the majority of November. However, as opposing forces grow stronger, the bulls are faced with an increasingly challenging struggle that appears difficult to overcome.

Almost 0.6% has been added to the AUD/NZD as the Australian dollar (AUD) recovers against the New Zealand dollar (NZD) after two consecutive weeks of losses.

The AUD/NZD is approaching the 200-hour Simple Moving Average (SMA) just south of 1.0860, as indicated by hourly candles. After falling from 1.0900 in early November, the 50-hour SMA constrained the pair, and the AUD/NZD is currently trading at the upper limit of the constraining pattern between the two moving averages.

The pair is breaking through a descending trendline established from November's peak bids near 1.0940 following Monday's clear break higher from 1.0780; bidders will need to maintain the momentum.

After failing to make a firm break to the downside of the 200-day SMA, the AUD/NZD appears poised to struggle in the midrange on daily candlesticks; furthermore, the pair's long-term trend appears destined to remain sideways for the foreseeable future.