FxWirePro: AUD/NZD Daily Outlook
Chart - Courtesy Trading View
AUD/NZD slips 0.53% on the day to trade at 1.1385 at around 10:00 GMT.
The pair has retraced most of previous session's gains, is testing 5-DMA support at 1.1373.
GMMA indicator shows major and minor trend are strongly bullish on the daily charts.
MACD and ADX support upside in the pair. Price action is above cloud but Chikou span has turned bearish.
Volatility is high and momentum is bullish. Stochs and RSI are well in overbought zone, with scope for downside resumption.
The pair has slipped lower from major resistance at 200-month MA at 1.1443, decisive break above required for upside continuation.
Major Support Levels:
S1: 1.1373 (5-DMA)
S2: 1.1315 (200H MA)
Major Resistance Levels:
R1: 1.1076 (Upper BB)
R2: 1.1442 (200-month MA)
Summary: AUD/NZD finds major resistance at 200-month MA. Technical indicators are biased higher. Watch out for decisive break above 200-month MA for upside continuation.
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