Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD is extending weakness for the 3rd straight session
- GMMA indicator shows major and minor trend are bearish
- The pair is extending downside from multi-year highs at 1.1490
- Price action capped at 200-month MA, is extending retrace for the second straight month
- Recovery attempts fails to extend break above 200-DMA
- Price action is well below cloud, Chikou span is biased lower
Support levels - 1.0880 (Nov 3rd low), 1.0827 (Lower BB)
Resistance levels - 1.0957 (5-DMA), 1.1009 (200-DMA)
Summary: AUD/NZD poised for further downside. Scope for test of fresh yearly lows below 1.0880. Bearish invalidation only above 200-DMA.
