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FxWirePro: AUD/NZD trades rangebound at cloud support, break below to see dip till 1.0525

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD has confirmed break below 200-DMA

- Price action is below major moving averages

- GMMA shows bearish shift in near-term moving averages

- Volatility is rising as evidenced by widening Bollinger bands

- Momentum is strongly bearish with Stochs and RSI sharply lower

Support levels - 1.0613 (daily cloud), 1.0525 (rising trendline), 1.0484 (Apr 21, 2020 low)

Resistance levels - 1.0675 (5-DMA), 1.0684 (200W MA), 1.0718 (200-DMA)

Summary: AUD/NZD is trading rangebound on the day with session high at 1.0644 and low at 1.0623. Technical bias has shifted bearish and the price action is extending break below 200-DMA. Daily cloud offers strong support. Break below will drive prices lower.
 

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