FxWirePro: AUD/NZD capped at 5-DMA, further weakness on cards

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD has edged higher from session lows at 1.0672 and was trading at 1.0683 at around 10:40 GMT

- Daily cloud capped recovery attempts and the pair is grinding lower along 5-DMA

- Price action is extending weakness below 200-DMA and is trading below 200H MA

- Volatility is high and rising as evidenced by widening Bollinger bands

- ADX is rising with -ve DMI dominance in support of downside, MACD is below zero

- Momentum is bearish, RSI is well below 50 mark, Stochs are at oversold levels

- GMMA indicator shows major and minor trend are bearish on the daily charts

Support levels - 1.0683 (110-week EMA), 1.0625 (Channel base), 1.06 (May 27 low)

Resistance levels - 1.0695 (5-DMA), 1.0716 (200-DMA), 1.0725 (21-EMA)

Summary: Souring market sentiment amid rising coronavirus cases of the Delta variant keep the antipodeans depressed. The pair has formed a Doji on the daily candle at the time of writing. 

Major technical bias is bearish, scope for test of channel base support at 1.0625. Retrace above 200-DMA could change near-term dynamics.