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FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.08% lower on the day at 1.0985 at around 06:50 GMT

- The pair trades inside the daily cloud and upside remains capped below 50-DMA

- Momentum is bearish, stochs and RSI are sharply lower, RSI is well below the 50 mark

- MACD and ADX support downside in the pair

- GMMA indicator shows major trend is neutral, while minor trend has turned bearish

Support levels:

S1: 1.0958 (23.6% Fib)

S2: 1.0885 (110-EMA)

Resistance levels:

R1: 1.1006 (50-DMA)

R2: 1.1050 (20-DMA)

Summary: AUD/NZD trades with a bearish bias. Scope for further weakness. Retrace above 50-DMA negates any further weakness.
 

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