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FxWirePro: AUD/NZD holds support at 110-EMA (1.0587), break below eyes 200-DMA at 1.0536
AUD/NZD chart - Trading View
AUD/NZD was trading largely unchanged at 1.0613 at around 10:10 GMT.
The pair has edged higher from session lows at 1.0588, finds strong support at 110-EMA.
Major trend in the pair is bearish. Scope for further weakness on break below 110-EMA support.
Bearish divergence on oscillators on the daily chart along with bearish MACD line crossover on signal line add to the downside bias.
Next bear target lies at 200-DMA at 1.0537. Violation at 200-DMA will open downside.
Major Support - 1.0537 (200-DMA)
Major Resistance - 1.0663 (converged 20-DMA and 21-EMA)