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FxWirePro: AUD/NZD breaks major trendline support, eyes daily cloud

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.33% lower at 1.1198 at around 07:10 GMT.

- The pair is extending slump for the third consecutive session, outlook remains bearish.

- Price action has broken major trendline support at 1.1260, is on track to test daily cloud support.

- GMMA indicator shows major trend is neutral, while minor trend has turned bearish.

- Momentum is bearish, volatility is high and rising, Chikou span is biased lower

- Bearish 5-DMA crossover on 20-DMA adds to the downside bias. MACD and ADX support downside.

Major Support Levels: 

S1: 1.1156 (Cloud top)

S2: 1.1122 (110-EMA)

Major Resistance Levels: 

R1: 1.1221 (55-EMA)

R2: 1.1283 (5-DMA)

Summary: AUD/NZD trades with a bearish bias. Scope for test of cloud support at 1.1156. 
 

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