Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD was trading 0.33% lower at 1.1198 at around 07:10 GMT.
- The pair is extending slump for the third consecutive session, outlook remains bearish.
- Price action has broken major trendline support at 1.1260, is on track to test daily cloud support.
- GMMA indicator shows major trend is neutral, while minor trend has turned bearish.
- Momentum is bearish, volatility is high and rising, Chikou span is biased lower
- Bearish 5-DMA crossover on 20-DMA adds to the downside bias. MACD and ADX support downside.
Major Support Levels:
S1: 1.1156 (Cloud top)
S2: 1.1122 (110-EMA)
Major Resistance Levels:
R1: 1.1221 (55-EMA)
R2: 1.1283 (5-DMA)
Summary: AUD/NZD trades with a bearish bias. Scope for test of cloud support at 1.1156.
