Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD was trading 0.07% lower on the day at 1.0914 at around 07:20 GMT
- Upside in the pair has been capped at 200-DMA, decisive break above required for further gains
- Price action has dipped below 200H MA, GMMA indicator has turned bearish on the hourly charts
- Momentum is bullish, MACD is on verge of bearish crossover on signal line
- 110-EMA is immediate support at 1.0887, break below 21-EMA will drag the pair to new lows
Support levels - 1.0870 (21-EMA), 1.0822 (Cloud top)
Resistance levels - 1.0931 (5-DMA), 1.0999 (200-DMA)
Summary: AUD/NZD upside momentum fades at 200-DMA resistance. Intraday bias has turned bearish. Scope for test of 21-EMA at 1.0870.
