AUD/NZD chart - Trading View
Technical Analysis: Bias Bearish
- AUD/NZD is on track to close the week with a Spinning Top formation, bearish bias intact
- Price action has paused 6 week's bearish streak and is holding above major trendline support at 1.0420
- A potential Spinning Top 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
Support levels - 1.0420 (trendline), 1.0397 (Lower W BB), 1.0307 (Jan 2020 low)
Resistance levels - 1.0436 (5-DMA), 1.0462 (200H MA), 1.0482 (21-EMA)
Summary: AUD/NZD trades with a major bearish bias. Some pullbacks likely on account of oversold conditions. Risk-off flows amid mounting concerns over the Delta covid variant contagion keep antipodeans depressed.
The pair is hovering around major trendline support at 1.0420. A potential 'Spinning Top' 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.
