FxWirePro: AUD/NZD recovery fails at 200-DMA, outlook bearish

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD is extending weakness for the 3rd straight session

- GMMA indicator shows major and minor trend are bearish

- The pair is extending downside from multi-year highs at 1.1490

- Price action capped at 200-month MA, is extending retrace for the second straight month

- Recovery attempts fails to extend break above 200-DMA

- Price action is well below cloud, Chikou span is biased lower

Support levels - 1.0880 (Nov 3rd low), 1.0827 (Lower BB)

Resistance levels - 1.0957 (5-DMA), 1.1009 (200-DMA)

Summary: AUD/NZD poised for further downside. Scope for test of fresh yearly lows below 1.0880. Bearish invalidation only above 200-DMA.