FxWirePro: AUD/NZD Daily Outlook

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD has edged higher from session lows at 1.0662 and was trading at 1.0700 at around 10:00 GMT

- Daily cloud offers stiff resistance and the pair is grinding lower 

- Price action has slipped below 200-DMA and is below 200H MA

- Volatility is high as evidenced by widening Bollinger bands

- ADX is rising with -ve DMI dominance in support of downside

- Momentum is bearish, RSI is well below 50 mark

- GMMA indicator shows major and minor trend are bearish

Support levels - 1.0683 (110-EMA), 1.0630 (Lower W BB), 1.0625 (Channel base)

Resistance levels - 1.0707 (5-DMA), 1.0717 (200-DMA), 1.0731 (21-EMA)

Summary: The Australian dollar caught some aggressive bids on RBA Governor Phillip Lowe's comments during the post-meeting press conference. AUD/NZD has erased early losses and bounced off session lows. Major trend is bearish, but retrace above 200-DMA could change near-term dynamics.