FxWirePro: AUD/NZD tests fresh yearly lows below 1.06 handle, outlook bearish

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.12% lower on the day at 1.0566 at around 04:50 GMT

- The pair has ignored Doji formation on the previous session's candle

- Price action has refreshed yearly lows and scope for further downside

- The pair is extending weakness for the third consecutive month after rejection at 200-month MA

- GMMA indicator shows major and minor trend are strongly bearish, momentum is with the bears

Major Support Levels: 

S1: 1.0565 (76.4% Fib)

S2: 1.0511 (Lower BB)

Major Resistance Levels: 

R1: 1.0585 (5-DMA)

R2: 1.0676 (200-week MA)

Summary: AUD/NZD holds minor support at 76.4% Fib at 1.0565. Technical indicators are bearish. Break below 76.4% Fib will drag the pair lower.