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.
