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FxWirePro: AUD/NZD recovery capped at 5-DMA, outlook bearish

AUD/NZD chart - Trading View

AUD/NZD was trading 0.14% higher on the day at 1.0672 at around 09:15 GMT.

The pair has paused downside, but recovery attempts lack traction, upside capped at 5-DMA.

MACD is biased lower and is below the zero mark. ADX is rising with -ve DMI dominance, supporting downside.

Bollinger bands are wide suggesting volatility is high and rising. Momentum indicators show bearish bias.

Price action is consolidating break below 200-week MA, bias bearish as long as pair holds below 200-week MA.

GMMA indicator shows major and minor trend are bearish on the daily and intraday charts.  

Support levels - 1.0625 (Channel base), 1.06 (May 27 low), 1.0540 (Feb low)

Resistance levels - 1.0682 (5-DMA), 1.0715 (200 DMA), 1.0736 (55-EMA) 

Summary: AUD/NZD was trading with a bearish bias. Recovery lacks traction, scope for test of channel base at 1.0625. 
 

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