Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/NZD breaks below 200-week MA, outlook bearish

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.31% higher on the day at 1.0627 at around 09:05 GMT

- The pair has broken below major support at 200-week MA raising scope for further downside

- Momentum is bearish, Stochs and RSI are well in oversold territory

- MACD and ADX support downside on the daily and weekly charts

- Price action has slipped below the weekly cloud 

- GMMA indicator shows major and minor trend are bearish

Support levels:

S1: 1.0565 (76.4% Fib)

S2: 1.0515 (Rising trendline)

Resistance levels:

R1: 1.0676 (200-week MA)

R2: 1.0697 (5-DMA)

Summary: AUD/NZD trades with a bearish bias. Break below 200-week MA reinforces downside. Scope for test of trendline support at 1.0515. 
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.