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FxWirePro: AUD/NZD consolidates break below daily cloud, bias lower

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD was trading 0.22% higher on the day at 1.0372 at around 11:10 GMT.

- The pair is consolidating break below daily cloud, scope for further weakness.

- Momentum is strongly bearish, RSI is below 50, Stochs at oversold levels

- Volatility is high and MACD supports further downside in the pair

- Major moving averages are biased lower, GMMA indicator shows bias is strongly bearish

- 5-DMA is sharply lower and caps recovery attempts in the pair

Support levels - 1.0341 (Lower BB), 1.03, 1.0279 (16th Sept low) 

Resistance levels - 1.0381 (5-DMA), 1.04, 1.0420 (50-DMA) 

Summary: AUD/NZD trades with a bearish bias. Recovery attempts lack traction. Upside caped at 5-DMA. Scope for dip till 1.0250. 
 

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