FxWirePro: AUD/NZD pauses at 'Double Bottom', breach below to drag prices lower

AUD/NZD chart - Trading View 

AUD/NZD was trading 0.22% lower on the day at 1.0725 at around 11:48 GMT, outlook bearish.

The pair has broken below 110-EMA support on Thursday's trade and recovery attempts on the day are capped below.

'Double Bottom' is offering strong support at 1.0717. Break below will plummet prices.

MACD shows bearish crossover on signal line. CCI, ADX and DMI support weakness in the pair. 

The pair is extending weakness below daily cloud and Chikou span is sharply lower suggesting further weakness.

Stochs and are RSI show strong bearish momentum and volatility is rising as evidenced by widening Bollinger bands.

Analysis of GMMA shows minor trend is strongly bearish and major trend is turning bearish. Dip till 200-DMA at 1.0618 on charts.

Breach at 200-DMA will take the pair lower. Next major support aligns at 1.0583 levels (trendline).

Support levels - 1.0717 (Double Bottom), 1.0641 (38.2% Fib), 1.0583 (Trendline)

Resistance levels - 1.0760 (110-EMA), 1.0766 (5-DMA), 1.0795 (23.6% Fib)