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FxWirePro:AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 0.56% lower on the day at 1.0721 at around 10:50 GMT

- The pair has broken below 61.8% Fib support raising scope for further downside

- Momentum is bearish, Stochs and RSI are strongly lower and in oversold territory

- GMMA indicator shows major and minor trend are strongly bearish

- Volatility is high and rising, Chikou span is biased lower, MACD and ADX support downside

Support levels:

S1: 1.0676 (200-week MA)

S2: 1.0565 (76.4% Fib)

Resistance levels:

R1: 1.0742 (61.8% Fib)

R2:  1.0772 (5-DMA)

Summary: AUD/NZD trades with a bearish bias. Break below 61.8% Fib has opened downside. Scope for test of 76.4% Fib at 1.0565.
 

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