Chart - Courtesy Trading View
Technical Analysis: Bias Neutral
- AUD/NZD was trading 0.40% higher on the day at 1.0710 at around 13:00 GMT
- The pair has retraced most of the previous session's losses, scope for further gains
- Price action has found strong support at 55-EMA and daily cloud, weakness only on break below
- MACD and ADX support weakness in the pair. Price action is still below 200H MA
- GMMA indicator shows major trend is bullish on the daily charts, while minor trend has turned bullish on the hourlies
Support levels - 1.07, 1.0684 (Cloud top), 1.0670 (55-EMA)
Resistance levels - 1.0717 (21-EMA), 1.0727 (20-DMA), 1.0732 (200H MA)
Summary: AUD/NZD halts downside at 55-EMA and daily cloud support. Weakness only on breach below. On the flipside, breakout above 200H MA will see upside resumption.
