AUD/NZD Price Analysis: Bulls lookout for an upside extension near 1.0380

• AUD/NZD makes no significant moves in the Asian trading session on Thursday.
• Additional gains for pair seen if bulls capture 1.0380.
• Momentum oscillators adopt a watch-and-the-wait approach before any aggressive bets.

AUD/NZD edges lower in the Asian session. The pair opened lower but swiftly recovered to touch the intraday high at 1.0382.

At the time of writing, AUD/NZD is trading at 1.0378, down 0.01% for the day.

AUD/NZD daily chart

On the daily chart, the AUD/NZD pair has been under selling pressure from the high of 1.0753  made on July 13. 

The descending trendline act as a barrier for the bulls. The formation of a Doji candlestick indicates indecisiveness among traders.

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

In doing so, the first upside target could be found at the 1.0400 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any uptick in the MACD would accelerate the upside momentum toward the high made on Tuesday at 1.0455.

On the successful breakout of the bearish sloping line, AUD/NZD bulls would target the 1.0490 horizontal resistance level.

Alternatively, if price moves lower, it could test the 1.0350 horizontal level followed by the low made on August 31 at 1.0337.

AUD/NZD additional levels