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FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD slumped nearly 0.60% on the day to trade at 1.0810 at around 10:30 GMT

- Bearish RSI divergence to drive further weakness in the pair along with bearish momentum and rising volatility

- MACD and ADX support further downside in the pair, Chikou span is biased lower

- Price action is extending weakness after rejection at 200-DMA, GMMA indicator shows minor trend is turning bearish

- Daily cloud offers strong support, further weakness only on break below

Support levels:

S1: 1.0779 (Cloud top)

S2: 1.0698 (200-week MA)

Resistance levels:

R1: 1.0886 (5-DMA)

R2: 1.0893 (55-EMA)

Summary: AUD/NZD trades with a bearish bias. Scope for test of daily cloud support at 1.0779. Further weakness on break below. 
 

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