AUD/NZD chart - Trading View
Technical Analysis: Bias Bearish
- AUD/NZD is on track to close the week with a Spinning Top formation
- Price action has paused 6 week's bearish streak at major trendline support at 1.0420
- A potential Spinning Top formation shows bears struggling to take prices lower
- GMMA indicator shows major and minor trend are strongly bearish on the daily 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
Support levels - 1.0420 (trendline), 1.0397 (Lower W BB), 1.0307 (Jan 2020 low)
Resistance levels - 1.0442 (5-DMA), 1.0466 (200H MA), 1.0487 (21-EMA)
Summary: AUD/NZD trades with a major bearish bias. The pair is struggling to break major trendline support at 1.0420.
Recovery attempts lack traction. Decisive break above 21-EMA could change near-term dynamics. Break below 1.0420 will plummet prices.
