AUD/NZD chart - Trading View
AUD/NZD was extending bearish streak for the 8th straight week, outlook bearish.
The pair has breached major trendline support, scope for further downside.
Technical analysis points to further downside in the pair. Momentum is strongly bearish.
ADX is rising with +ve DMI dominance, aiding further weakness. MACD is below zero mark.
Price action is below cloud and major moving averages and Chikou span is biased lower.
GMMA indicator shows major and minor trend are strongly bearish on daily and weekly charts.
Breach below trendline support has opened downside. Next bear target lies at 1.0307 (Jan 2020 low).
On the flipside, 5-DMA is immediate resistance at 1.0409. Near-term bearish invalidation only above 21-EMA at 1.0460.
