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FxWirePro: AUD/NZD pauses downside at 50-DMA support, outlook bearish

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD was trading 0.07% higher on the day at 1.0444 at around 11:10 GMT

- The pair has broken below 21-EMA, but has paused downside at 50-DMA support

- Momentum studies are bearish, Stochs and RSI are sharply lower, volatility is high

- MACD confirms bearish crossover on signal line, adding to the bearish bias

Support levels - 1.0423 (50-DMA), 1.0397 (cloud base), 1.0345 (Aug 31st low)

Resistance levels - 1.0469 (converged 5-DMA, 21-EMA, 55-EMA), 1.0534 (38.2% Fib)

Summary: AUD/NZD finds strong support at 1.0423, break below required for further weakness. Confluence of major resistance lies at 1.0469, retrace above would negate any further downside.
 

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