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FxWirePro: AUD/NZD pauses 5 straight sessions of downside, finds strong support at 20-DMA

AUD/NZD chart - Trading View 

AUD/NZD has edged slightly lower from session highs at 1.0844 and was trading 0.20% higher on the day at 1.0832 at around 06:35 GMT.

The pair has snapped 5 consecutive days of downside and has retraced above 20-DMA which offers strong support at 1.0825.

5-DMA caps upside at 1.0846. MACD shows bearish crossover on signal line, keeping scope for downside.

The pair trades in an rising Wedge pattern and bounce off 20-DMA has raised scope for upside resumption.

Risk-on mood across markets is likely to keep the antipodeans supported. Sentiment buoyed after US President Biden announced a $2 trillion infrastructure plan to boost the economy. 

Decisive break above 5-DMA will see test of next major resistance at 200H MA at 1.0882 ahead of 110 month EMA at 1.0962.

On the flipside, failure to hold above 20-DMA will drive further weakness in the pair. Next major support lies at 55-EMA at 1.0769.
 

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