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FxWirePro: AUD/NZD on track to test trendline support at 1.0420, recovery capped at 5-DMA

AUD/NZD chart - Trading View 
 

Indicators Hourly Daily Weekly
       
Moving Averages Bearish Bearish Bearish
GMMA Indicator Bearish Bearish Bearish
SuperTrend Indicator Buy Sell Buy
Oscillators (Stochs and RSI) Oversold Oversold Oversold
Overall Bias Bearish Bearish Bearish

Technical Analysis: Bias Bearish

Support levels - 1.0420 (Trendline), 1.04, 1.03 (Lower M BB)

Resistance levels - 1.0504 (5-DMA), 1.0566 (21-EMA), 1.06

Summary: AUD/NZD trades with a bearish bias on the hourly, daily and weekly time frames. Oversold oscillators warrant caution. 

Guidance: Scope for test of 1.0420. Stay short at current levels. Trade with tight stops advised on oversold conditions.
 

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