FxWirePro: AUD/NZD recovery capped at 21-EMA, break below 55-EMA will see further weakness
AUD/NZD chart - Trading View
AUD/NZD was trading unchanged at 1.0807 at around 09:50 GMT, near-term outlook is bearish.
The pair has shown a decisive break below 21-EMA, scope for further downside.
Momentum studies are bearish. Stochs and RSI are sharply bearish. RSI is below 50 mark supporting weakness.
Price action has slipped below 200H MA and recovery attempts are capped below.
The pair is extending upside in a rising wedge pattern and Gravestone Doji formation on the previous week's candle dents upside.
Bears eye next major support at 55-EMA at 1.0784. Break below will see further weakness.
On the flipside, retrace above 21-EMA will negate any further weakness. Upside resumption above 20-DMA.