FxWirePro: AUD/NZD extends weakness for the 2nd straight session, recovery capped at 200H MA

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD is extending weakness for the 2nd straight session

- Recovery attempts were capped below 200H MA 

- Price action has slipped below 21-EMA

- RSI and Stochs are biased lower, momentum bearish

- Chikou span is biased lower, supports downside in the pair

Support levels - 1.08 (weekly cloud), 1.0778 (55-EMA), 1.0742 (110-EMA)

Resistance levels - 1.0839 (20-DMA), 1.0853 (200H MA), 1.0875 (Apr 6th high)

Summary: AUD/NZD has erased most of the gains and is on track to close the week with a Gravestone Doji formation. Weekly cloud offers strong support. Breach at cloud top will see more downside. Next major bear target lies at 55-EMA at 1.0778