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FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.04% lower on the day at 1.0785 at around 10:15 GMT

- The pair is extending sideways at 61.8% Fib support

- Price action is below major moving averages which are biased lower

- GMMA indicator shows major and minor trend are strongly bearish

- Momentum is bearish, volatility is high, Chikou span is biased lower

Major Support Levels: 

S1: 1.0742 (Lower BB)

S2: 1.0677 (200-week MA)

Major Resistance Levels: 

R1: 1.0818 (200H MA)

R2: 1.0878 (20-DMA)

Summary: AUD/NZD has found strong support at 1.0795. Oversold oscillators might cause some pullback from lows. Major trend is bearish. Bearish invalidation only above 200-DMA. 
 

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