AUD/NZD chart - Trading View
AUD/NZD has edged higher from new 11-week lows at 1.0479, bias is bearish.
The pair is trading 0.28% lower on the day at 1.0496 at 07:30 GMT.
Price action has broken below daily cloud and strong trendline support raising scope for further downside.
Technical indicators support downside. RSI is well below 50 and biased lower. Momentum studies are bearish.
GMMA shows downside for shorter-term moving averages and upside is capped at 5-DMA.
Price currently hovers at 20W SMA at 1.0498. Bears on track to test next major support at 61.8% Fib at 1.0397 on break below.
Immediate resistance is seen at 5-DMA at 1.0537. Bearish invalidation only above 200-DMA.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
