AUD/NZD Technical Analysis: Struggles with 50-day SMA/50% Fibonacci, 1.0500 resistance confluence in spotlight

• AUD/NZD struggles around 1.0430 during early Monday.
• Off-late, the quote has been jostling with 50-day simple moving average (SMA) and 50% Fibonacci retracement of its August 2018 to January 2019 downturn.
• Should the pair manage to clear 1.0455 immediate resistance, it can head towards 1.0500 resistance-confluence comprising 100-day SMA and a downward sloping trend-line since August 2018.
• Given the pair’s ability cross 1.0500 mark on a daily closing basis, it becomes capable of challenging the 1.0550 and 61.8% Fibonacci retracement figure of 1.0610.
• However, the year 2019 high near 1.0670 and 1.0700 round-figure comprising 200-day SMA could question buyers past-1.0610.
• Meanwhile, 1.0370 and 1.0340 are likely nearby supports that the pair may revisit during its declines.
• In a case where sellers dominate under 1.0340, 1.0300 and 1.0270 seem crucial to watch as a break of which can recall bears targeting sub-1.0200 area.

AUD/NZD daily chart