AUD/NZD chart - Trading View
AUD/NZD holds cloud support, edges higher from session lows at 1.0497.
The pair is trading 0.11% higher on the day at 1.0522 at 06:45 GMT, bias remains bearish.
Price action has broken below strong trendline support raising scope for further downside.
Technical indicators support downside. RSI is well below 50 and biased lower. Momentum studies are bearish.
GMMA shows downside for shorter-term moving averages and upside is capped at 5-DMA.
20W SMA at 1.0499 is also strong support. Bears on track to test next major support at 61.8% Fib at 1.0397 on break below.
Immediate resistance is seen at 5-DMA at 1.0528. Bearish invalidation only above 200-DMA.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
