Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD was trading 0.31% higher on the day at 1.0627 at around 09:05 GMT
- The pair has broken below major support at 200-week MA raising scope for further downside
- Momentum is bearish, Stochs and RSI are well in oversold territory
- MACD and ADX support downside on the daily and weekly charts
- Price action has slipped below the weekly cloud
- GMMA indicator shows major and minor trend are bearish
Support levels:
S1: 1.0565 (76.4% Fib)
S2: 1.0515 (Rising trendline)
Resistance levels:
R1: 1.0676 (200-week MA)
R2: 1.0697 (5-DMA)
Summary: AUD/NZD trades with a bearish bias. Break below 200-week MA reinforces downside. Scope for test of trendline support at 1.0515.
