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.
