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FxWirePro: AUD/NZD pauses downside at 21-EMA support, further weakness only on break below

AUD/NZD chart - Trading View 

Spot Analysis:

AUD/NZD was trading 0.05% higher on the day at 1.0828 at around 11:00 GMT

Session High/Low: 1.0844/ 1.0814

Previous Week's High/Low: 1.0875/ 1.0813

Technical Analysis: Bias Neutral

- AUD/NZD pauses downside, finds strong support at 21-EMA at 1.0828

- GMMA indicator shows major trend is bullish, while minor trend is turning neural

- Bearish divergence seen on Stochastics on the daily charts

- Price action is above cloud and Chikou span has turned bullish

Support levels - 1.0828 (21-EMA), 1.08, 1.0780 (55-EMA)

Resistance levels - 1.0837 (5-DMA), 1.0843 (20-DMA), 1.0875 (Apr 6th high)

Summary: AUD/NZD trades in a Rising Wedge pattern and pullback has held support at 21-EMA. Any further weakness only on decisive break below. Close above 20-DMA will see upside resumption. 
 

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