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AUD/NZD chart - Trading View
AUD/NZD slumped over 0.30% on the day and was trading at 1.0680 at around 07:15 GMT.
Fears of a second wave of coronavirus infections and news the United States is reviewing tariffs on European products dented global risk appetite weighing on the antipodeans.
Retrace from multi-month highs at 1.0880 has found strong support at daily cloud. Weakness only on break below.
On the hourly charts the pair has slipped below cloud and break below 200H MA will raise scope for downside continuation.
Bears likely to target 200-DMA at 1.0542. Violation at 200-DMA will open downside.
GMMA still holds bullish bias. Failure to break below cloud will see upside resumption. Gains upto 1.08 levels likely.
Major Support - 1.0676 (200H MA)
Major Resistance - 1.0702 (20-DMA)
