AUD/NZD Technical Analysis: Aussie grinds lower against Kiwi, AUD/NZD tests below 1.0770

AUD/NZD briefly sagged below 1.0770 in early Thursday trading.
Long-term congestion around the 200-day SMA continues below 1.0800.
2024 kicks off with continued sideways grind between familiar peaks and lows.

The AUD/NZD pair waffled on Wednesday, drifting from a near-term peak just below 1.0830 to sink back into familiar near-term lows near 1.0770, briefly testing into 1.0760 in early Thursday trading.

The Antipodean pair has been earmarked by congestion through the entirety of 2023 following a drastic rebalancing from 2022’s peak of 1.1490, sinking nearly 9% to a December 2022 low of 1.0470. The AUD/NZD has been caught in long-term consolidation ever since, cycling the 1.0800 handle as the 200-day Simple Moving Average (SMA) treads water in the familiar price zone.

Intraday action has the pair drifting into the low side of the 200-hour SMA near 1.0790, set for a bounce from chart territory near the last swing low at 1.0750, and the immediate topside technical ceiling sits at 1.0830, 2024’s early swing high.

Australian Dollar price this week

The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies this week. Australian Dollar was the strongest against the Japanese Yen.

	USD	EUR	GBP	CAD	AUD	JPY	NZD	CHF
USD		1.21%	0.51%	0.76%	1.22%	1.50%	1.12%	0.97%
EUR	-1.07%		-0.54%	-0.31%	0.17%	0.29%	0.06%	-0.15%
GBP	-0.53%	0.54%		0.26%	0.71%	1.07%	0.61%	0.39%
CAD	-0.76%	0.28%	-0.07%		0.44%	0.74%	0.34%	0.16%
AUD	-1.24%	-0.18%	-0.71%	-0.48%		0.11%	-0.10%	-0.30%
JPY	-1.50%	-0.26%	-0.93%	-0.53%	-0.09%		-0.21%	-0.59%
NZD	-1.13%	-0.06%	-0.63%	-0.36%	0.11%	0.20%		-0.20%
CHF	-0.92%	0.15%	-0.39%	-0.13%	0.33%	0.57%	0.23%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).