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.
