Chart - Courtesy Trading View
AUD/NZD was trading 0.30% lower on the day at 1.0770 at around 12:30 GMT, outlook bearish.
The pair has refreshed 8-month lows below 1.08 handle, scope for further downside.
Price action is below major moving averages which are biased lower. Volatility is high and rising.
On the weekly charts, the pair has slipped below 110-week EMA and is trading within weekly cloud.
Price action is below daily Ichimoku cloud and Chikou span is biased lower. Momentum is with the bears.
MACD confirms bearish crossover on signal line. ADX supports downside in the pair. GMMA indicator shows major and minor trend are bearish.
AUD/NZD is on track to test 200-week MA at 1.0675. Bearish invalidation only above 200-DMA.
