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Chart - Courtesy Trading View
Technical Analysis: Bias Neutral
- AUD/NZD was trading 0.08% higher on the day at 1.0707 at around 10:10 GMT
- The pair is extending upside for the second straight session, 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 remains neutral
Support levels - 1.07, 1.0688 (Cloud top), 1.0671 (55-EMA)
Resistance levels - 1.0715 (21-EMA), 1.0725 (20-DMA), 1.0731 (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.
