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AUD/NZD Price Prediction: A Significant Increase For Monday, With 1.09 In Site
On Monday, the AUD/NZD is exerting considerable effort, attempting to find support. Technically, the Australian is recovering after falling for the majority of November. As opposition mounts, bulls are confronted with an insurmountable battle.
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.
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