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FxWirePro: AUD/NZD finds strong support at 110-EMA, break below to see dip till 200-DMA at 1.0536

AUD/NZD chart - Trading View 

AUD/NZD was trading 0.05% higher on the day after closing marginally higher in the previous session.

The pair has found strong support at 110-EMA and is extending gains after bounce off 110-EMA support.

Major trend in the pair is neutral while minor trend has shifted to bearish. RSI is below 50 and momentum is bearish.

Continued deflation in China factory-gate prices does not bode well for commodity currencies and risk assets. 

Recovery lacks traction. Upside finds stiff resistance at 55-EMA at 1.0640. Break above finds next major resistance at 1.0660 (converged 20-DMA and 21-EMA).

On the flipside, break below 110-EMA will see resumption of weakness. Dip till 200-DMA at 1.0536 likely.
 

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