Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD was trading 0.17% higher on the day at 1.0815 at around 13:15 GMT
- The pair has pased downside at daily cloud support, bias remains bearish
- Momentum is bearish, Stochs and RSI are sharply lower, RSI is below the 50 mark
- MACD and ADX support downside in the pair, Chikou span is biased lower
- Price action is below 200H MA and GMMA indicator shows major and minor trend are bearish on the intraday charts
Support levels:
S1: 1.0795 (Cloud top)
S2: 1.0698 (200-week MA)
Resistance levels:
R1: 1.0862 (5-DMA)
R2: 1.0890 (55-EMA)
Summary: AUD/NZD recovery lacks traction. Technical bias still remains bearish. Watch out for break into daily cloud for further weakness.
