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FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View Technical Analysis: - AUD/NZD was trading 0.28% lower on the day at 1.0682 at around 10:20 GMT - The pair is extending previous session's downside, more weakness on cards - Recovery attempts…

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Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.28% lower on the day at 1.0682 at around 10:20 GMT

- The pair is extending previous session's downside, more weakness on cards

- Recovery attempts were capped at 21-EMA and daily cloud

- MACD and ADX support weakness, Chikou span is biased lower

- GMMA indicator shows major and minor trend are bearish

Support levels:

S1: 1.0650 (Lower BB)

S2: 1.0470 (Dec 2022 low)

Resistance levels:

R1: 1.0719 (5-DMA)

R2: 1.0751 (21-EMA)

Summary: AUD/NZD trades with a bearish bias. The pair is poised for further weakness, dip below 1.05 levels likely. 
 

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