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FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.21% lower on the day at 1.0820 at around 11:20 GMT

- The pair has erased early gains and has slipped lower from session highs at 1.0853

- Inverted Hammer formation on the daily candle at the time of writing raises scope for downside

- Momentum is high, volatility is high and rising, MACD and ADX support downside in the pair

- GMMA indicator shows major and minor trend are strongly bearish

Major Support Levels: 

S1: 1.0790 (Lower BB)

S2: 1.0676 (200-week MA)

Major Resistance Levels: 

R1: 1.0898 (5-DMA)

R2: 1.0942 (200H MA)

Summary: AUD/NZD downside reinforced with Inverted Hammer formation. Scope for dip till 200-week MA at 1.0676. Bearish invalidation only above 200-DMA. 
 

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