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FxWirePro: AUD/NZD pivotal at 200-DMA, spinning top shows indecisiveness

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- Price action extends in Rising Wedge pattern

- Bearish 5-DMA and 20-DMA crossover

- Tests cloud support and trades pivotal at 200-DMA

- Stochs and RSI are biased lower, RSI well below 50 mark

- Volatility is rising as evidenced by widening Bollinger bands

Support levels - 1.0742 (nearly converged cloud and 200-DMA), 1.07 (Wedge base), 1.0671 (110W EMA)

Resistance levels - 1.0785 (nearly converged 5-DMA and 55-EMA), 1.0809 (21-EMA), 1.0813 (200H MA)

Summary: AUD/NZD finds major support at daily cloud and 200-DMA. Technical bias is bearish. Break below will drag prices lower. Scope for dip till Wedge base support at 1.07. 
 

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