The AUD/NZD pair is currently consolidating within a narrow range of 1.0750-1.0790 on the four-hour chart. The prevailing direction for AUD/NZD appears to be downward, as the cross remains below the 200-hour Exponential Moving Average (EMA).
A critical resistance level for AUD/NZD bulls is situated at 1.0800, which represents a convergence of factors including the upper boundary of the Bollinger Band, a psychologically significant level, and a high reached on July 12.
If the pair manages to break above this level, it could potentially target 1.0835, the 200-hour EMA, followed by a minor resistance at 1.0860 (July 3 high). An additional upside barrier to monitor is located at 1.0920 (June 29 high).
On the downside, initial support is found at 1.0750, corresponding to the lower limit of the Bollinger Bands. The next support level to watch is at 1.0730 (July 10 low), followed by 1.0690 (April 28 low).
It is important to note that the Relative Strength Index (RSI) is currently oscillating between 40 and 60, indicating a lack of clear direction for the AUD/NZD pair.
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