AUD/NZD chart - Trading View
Technical Analysis: Bias Bearish
- AUD/NZD is on track to close the week with a Doji formation at major trendline support, bearish bias remains intact
- Price action has paused 6 week's bearish streak and is holding above major trendline support at 1.0420
- A potential Doji formation on the weekly candle shows bears struggling to take prices lower
- GMMA indicator shows major and minor trend are strongly bearish on the daily and weekly charts
- Price action is below daily cloud and major moving averages, momentum indicators support weakness
- MACD is well below the zero mark and ADX supports downside. Oscillator are at oversold levels which warrants some caution.
Support levels - 1.0420 (trendline), 1.0396 (Lower W BB), 1.0307 (Jan 2020 low)
Resistance levels - 1.0466 (20-DMA), 1.0475 (21-EMA), 1.05 (Psychological mark)
Summary: AUD/NZD trades with a major bearish bias. Some pullbacks likely on account of oversold conditions. The pair is hovering around major trendline support at 1.0420.
A potential 'Doji' formation on the week candle suggests indecision. Recovery attempts lack traction. Decisive break above 21-EMA could change near-term dynamics. Break below 1.0420 will plummet prices.
