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FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.09% higher on the day at 1.0879 at around 11:50 GMT

- The pair is extending gains for the 3rd straight session after downside paused at cloud support

- RSI has turned and Stochs are on verge of buliish crossover on signal line

- Price action has edged above 5-DMA and is testing resistance at 55-EMA at 1.0889

- GMMA indicator shows major and minor trend are neutral on the daily charts

Support levels:

S1: 1.0847 (5-DMA)

S2: 1.0808 (Lower BB)

Resistance levels:

R1: 1.0889 (55-EMA)

R2: 1.0907 (21-EMA)

Summary: AUD/NZD has bounced off daily cloud support, further weakness only on break below. Technical bias remains neutral, decisive break above 21-EMA will change near-term dynamics. 
 

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