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FxWirePro: AUD/NZD erases early gains, inches closer towards 200-DMA support

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD was trading 0.10% lower on the day at 1.0730 at around 11:20 GMT

- Recovery attempts were rejected at 5-DMA, pair slips lower from session highs

- 5-DMA has turned, price action has slipped below 55-EMA

- Stochs confirm a bearish rollover from overbought levels, RSI is below 50 and biased lower

- Volatility is high as evidenced by wide Bollinger bands

- MACD is on verge of bearish crossover on signal line

Support levels - 1.0720 (200-DMA), 1.07 (Psychological mark), 1.0682 (50% Fib)

Resistance levels - 1.0749 (21-EMA), 1.0755 (5-DMA), 1.0823 (Cloud top)

Summary: AUD/NZD recovery attempts rejected at 5-DMA. The pair is currently on track to test of 200-DMA at 1.0720. Breach below 200-DMA will open further downside.

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