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FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.22% higher on the day at 1.0841 at around 10:20 GMT

- The pair is extending previous session's gains,  bounces off daily cloud support

- 5-DMA is biased lower and is capping upside at 1.0849

- Price action is below major moving avergaes which are trending lower

- MACD and ADX support downside in the pair

Support levels:

S1: 1.0832 (Cloud top)

S2: 1.0806 (Lower BB)

Resistance levels:

R1: 1.0849 (5-DMA)

R2: 1.0888 (55-EMA)

Summary: AUD/NZD recovery lacks traction, technical bias still remains bearish. Break into cloud will drag the pair lower. Retrace above 55-EMA could change near-term dynamics.
 

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