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FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.13% lower on the day at 1.1025 at around 11:45 GMT

- The pair has slipped lower from session highs at 1.1081, remains capped below 61.8% Fib

- GMMA indicator shows major and minor trend are bullish on the daily charts

- Momentum is bullish, stochs and RSI are sharply higher, Chikou span is biased higher

- The pair is extending gains for the fifth straight week, but bearish RSI divergence keeps scope for weakness

Support levels - 1.1009 (5-DMA), 1.0997 (200-DMA)

Resistance levels - 1.1100 (61.8% Fib), 1.1175 (Oct 26th high)

Summary: AUD/NZD trades with a bullish bias. However, bearish RSI divergence and long upper wicks on the daily candles keeps scope for weakness. 

200-DMA is major support. Retrace below 200-DMA will negate any further bullishness. 
 

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