AUD/NZD Price Analysis: Downside movement halts below 1.0450

• AUD/NZD trades cautiously on Wednesday in the Asian session.
• Pair looks for upside movement if price able to defend 1.0440.
• Momentum oscillators adopt a watch-and-the-wait approach before any aggressive bets.

AUD/NZD treads water in the  Asian’s session on Wednesday. The pair opened lower but recovered swiftly back to the higher level.

At the time of writing, AUD/NZD is trading at 1.0443, up 0.02% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been under selling pressure from the high of 1.0644  made on July 28. 

The descending trendline act as a barrier for the bulls. The formation of a  Long-legged Doji 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 previous session’s high of 1.0475.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any uptick in the MACD would accelerate the buying momentum toward the 1.0490 horizontal resistance level.

Next, AUD/NZD bulls would target the high of August 23 at 1.0533.

Alternatively, if price moves lower, it could test the low of Monday at 1.0419 as the first downside target.

AUD/NZD weekly chart

A daily close below the mentioned level would seek the levels last seen in 2020.

Next, the market participants will keep their eyes on the low of April 10 at 1.0394, followed by the 1.0380 horizontal support level.

AUD/NZD additional levels