AUD/NZD Price Analysis: Bulls consolidate gains below 1.0550

• AUD/NZD embraces the previous session’s gains on Monday.
• Cross rebounds toward daily support near 1.0530.
• Momentum oscillators indicate underlying bearish sentiment.

AUD/NZD recovers part of its previous session’s losses on Monday’s  Asian session. The pair opened lower, albeit recovered t quickly to touch the high of 1.0540. 

At the time of writing, AUD/NZD is trading at 1.0536, up 0.04% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been under the selling from the high of 1.0816 made on June 11. The descending trendline act as a barrier for the bulls. The formation of a hammer candlestick pattern suggests some bounce back in the price.

A sustained move above the intraday high would bring more buying interest in the pair. 

In doing so, the first higher target could be found at the 1.0560  horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone.  Any uptick in the MACD would accelerate the buying toward the 1.0590 horizontal resistance level.

Next, AUD/NZD bulls would target the high of July 29 at 1.0641.

Alternatively, if price moves lower, it would retest the levels last seen in 2020.

A movement below 1.0520 would prompt bears to touch the low of 8 December at 1.0599.

Next, the market participants will keep their eyes on the 1.0490 horizontal support level followed by the low of November 30 at 1.0460.

AUD/NZD additional level