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AUD/NZD chart - Trading View
Technical Analysis: Bias Bearish
- GMMA indicator shows major and minor trend are strongly bearish
- Volatility is rising as evidenced by widening Bollinger bands
- Recovery attempts capped at 200H moving average, Price action has dipped into weekly cloud
- Momentum indicators are strongly bearish, RSI well below 50 mark which supports weakness
Support levels - 1.0429 (Lower BB), 1.0392 (61.8% Fib), 1.0307 (Jan 27 low)
Resistance levels - 1.0506 (5-DMA), 1.0572 (21-EMA), 1.0650 (200-DMA)
Summary: AUD/NZD trades with a strong bearish bias. Upticks found selling pressure which was evident with long upper wicks in the daily candle. Scope for test of 61.8% Fib at 1.0392. Bearish invalidation only above 200-DMA.
