AUD/NZD chart - Trading View
Technical Analysis: Bias Bearish
- GMMA indicator shows major trend is turning bearish while minor trend is strongly bearish.
- Price action has slipped below 200-week MA
- Volatility is high and rising as evidenced by widening Bollinger bands
- Stochs and RSI are sharply lower, momentum indicators are strongly bearish
Support levels - 1.0590 (Oct 2020 low), 1.0542 (76.4% Fib retracement), 1.05
Resistance levels - 1.0676 (110-week EMA), 1.0696 (200-week MA), 1.07
Summary: AUD/NZD down over 1.50% for the week till date. Technical analysis show further weakness likely. On the data front, Australia’s Q1 Private Capital Expenditure jumped 6.3%, beating the 2.0% market consensus and 3.0% previous readouts. Further, China's Industrial Profits eased to 57.0%, below 92.3% YoY previous readouts in April. Mixed data failed to impress Aussie bulls. Hawkish RBNZ to drive further weakness.


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