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FxWirePro: AUD/NZD pauses 6 weeks' bearish streak, finds strong support at 1.0420

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD has opened the week on a bullish note

- Price action has paused 6 week's bearish streak

- Strong trendline support is seen at 1.0420, further weakness only on break below

- GMMA indicator shows major and minor trend are strongly bearish

- Price action is below daily cloud and major moving averages

Support levels - 1.0420 (trendline), 1.04 (Lower W BB), 1.0307 (Jan 2020 low) 

Resistance levels - 1.0466 (5-DMA), 1.0473 (200H MA), 1.05 (21-EMA)

Summary: AUD/NZD trades with a major bearish bias. The pair has held major support at trendline at 1.0420. 

Recovery attempts lack traction. Decisive break above 21-EMA to change near-term dynamics. Break below 1.0420 will plummet prices. 
 

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