FxWirePro: AUD/NZD pivotal at trendline support, oversold conditions may see some pullbacks

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.