FxWirePro: AUD/NZD on track to close the week with Doji at trendline support

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD is on track to close the week with a Doji formation at major trendline support, bearish bias remains intact

- Price action has paused 6 week's bearish streak and is holding above major trendline support at 1.0420

- A potential Doji formation on the weekly candle shows bears struggling to take prices lower

- GMMA indicator shows major and minor trend are strongly bearish on the daily and weekly charts

- Price action is below daily cloud and major moving averages, momentum indicators support weakness

- MACD is well below the zero mark and ADX supports downside. Oscillator are at oversold levels which warrants some caution. 

Support levels - 1.0420 (trendline), 1.0396 (Lower W BB), 1.0307 (Jan 2020 low) 

Resistance levels - 1.0466 (20-DMA), 1.0475 (21-EMA), 1.05 (Psychological mark)

Summary: AUD/NZD trades with a major bearish bias. Some pullbacks likely on account of oversold conditions. The pair is hovering around major trendline support at 1.0420. 

A potential 'Doji' formation on the week candle suggests indecision. Recovery attempts lack traction. Decisive break above 21-EMA could change near-term dynamics. Break below 1.0420 will plummet prices.