Oscillates in a range between 1.0750-1.0790

• AUD/NZD struggles for a firm intraday direction, stuck in a narrow range.
• The critical resistance level stays at 1.0800, with an initial support level of 1.0750.
• The Relative Strength Index (RSI) hovers between 40-60.

The AUD/NZD pair consolidates in a narrow range between the 1.0750-1.0790 area on the four-hour chart. The path of least resistance for the AUD/NZD is to the downside, as the cross stands below the 200-hour Exponential Moving Average (EMA).

1.0800 acts as a critical barrier for the AUD/NZD bulls, representing a confluence of the upper boundary of the Bollinger Band, a psychological figure and a high of July 12. A break above the latter, AUD/NZD could still have legs to test 1.0835, the 200-hour EMA, followed by minor resistance at 1.0860 (High of July 3). The additional upside filter to watch is at 1.0920 (High of June 29).

On the downside, the cross will meet an initial support level at 1.0750, the lower limit of the Bollinger Bands. The next contention is seen at 1.0730 (Low of July 10), followed by 1.0690 (Low of April 28).

It’s worth noting that the Relative Strength Index (RSI) hovers between 40-60, indicating the non-directional movement for the AUD/NZD pair.

AUD/NZD four-hour chart