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.
