Aussie looking for a floor against Kiwi, slumps to 1.0780

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<li><strong>The AUD/NZD has etched in a new weekly low at 1.0780 after a week of declines.</strong></li>
<li><strong>The Aussie&#8217;s backslide comes after reaching a technical ceiling at 1.0940.</strong></li>
<li><strong>Buyers to be pushed to the back end for next week if they can&#8217;t grab ahold of moving average barriers.</strong></li>
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<p>The AUD/NZD has managed to hold on for Friday, closing out the trading week close to flat on the last day after declining over 1.1% peak-to-trough from Monday&#8217;s peak near 1.0900.</p>
<p>The pair still remains down almost 1.4% from the last meaningful swing high into 1.0945 and Aussie bidders are beginning to run out of track as the AUD/NZD rotates into a bearish technical pattern, slipping below the 200-day Simple Moving Average (SMA) and on pace to extend declines back into the last low set in October near 1.0640.</p>
<p>The Moving Average Convergence-Divergence (MACD) on the daily candles is confirming a bearish signal following a slow and fast moving average crossover, and a Relative Strength Index (RSI) still near the midrange but declining slowly is implying there&#8217;s still room to run on the down side before hitting oversold conditions.</p>
<h2>AUD/NZD Hourly Chart</h2>
<p><img decoding="async" alt="" src="https://editorial.fxstreet.com/miscelaneous/AUD_NZDH-638352524358454026.png" style="width: 898px; height: 697px;" /></p>
<h2>AUD/NZD Daily Chart</h2>
<p><img decoding="async" alt="" src="https://editorial.fxstreet.com/miscelaneous/AUD_NZD-638352523703187294.png" style="width: 898px; height: 697px;" /></p>
<h2>AUD/NZD Technical Levels</h2>
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<br /><a href="https://www.fxstreet.com/news/aud-nzd-price-outlook-aussie-looking-for-a-floor-against-kiwi-slumps-to-10780-202311102234">Source link </a></p><p>The post <a href="https://forextraderhub.com/aussie-looking-for-a-floor-against-kiwi-slumps-to-1-0780.html">Aussie looking for a floor against Kiwi, slumps to 1.0780</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>