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.
