Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD was trading 0.22% higher on the day at 1.0841 at around 10:20 GMT
- The pair is extending previous session's gains, bounces off daily cloud support
- 5-DMA is biased lower and is capping upside at 1.0849
- Price action is below major moving avergaes which are trending lower
- MACD and ADX support downside in the pair
Support levels:
S1: 1.0832 (Cloud top)
S2: 1.0806 (Lower BB)
Resistance levels:
R1: 1.0849 (5-DMA)
R2: 1.0888 (55-EMA)
Summary: AUD/NZD recovery lacks traction, technical bias still remains bearish. Break into cloud will drag the pair lower. Retrace above 55-EMA could change near-term dynamics.
