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FxWirePro: AUD/NZD breaks 110-EMA support, outlook bearish
AUD/NZD chart - Trading View
AUD/NZD was trading 0.17% lower on the day at 1.0579 at around 05:45 GMT, extending previous session's losses.
The pair has broken strong support at 110-EMA raising scope for further weakness.
Major trend in the pair is neutral while minor trend has shifted to bearish. RSI is below 50 and momentum is strongly bearish.
Geopolitics, trade war and coronavirus risks keep the antipodeans depressed. Weakness across the commodity space weighs on the Aussie.
Recovery attempts lack traction. Upside capped at stiff resistance at 5-DMA at 1.0607. Break above finds next major resistance at 1.0637 (55-EMA).
Dip till 200-DMA at 1.0536 likely. Violation at 200-DMA opens further downside for the pair.