AUD/NZD chart - Trading View
AUD/NZD has erased most of the day's gains and was trading largely unchanged at 1.0771 at around 12:00 GMT.
The pair is capped between 200-DMA and 55-EMA and breakout is set to decide further direction.
Technical indicators do not provide a clear directional bias as of now. The pair is likely to see more sideways movement.
GMMA indicator on the daily charts shows major and minor trend are neutral. RSI is flat, below the 50 mark.
Stochs are at oversold levels with scope for bullish reversal. Pullbacks are also supported at daily cloud.
Weakness likely only on breach at 200-DMA support. On the flipside, decisive break above 21-EMA will fuel upside in the pair.
Focus on Australia first-quarter Consumer Price Index (CPI) data and the Reserve Bank of Australia (RBA) Trimmed Mean CPI figures for impetus.
