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FxWirePro: AUD/NZD pivotal at 21-EMA support, break below to see more weakness

AUD/NZD chart - Trading View 

AUD/NZD was trading 0.17% lower on the day at 1.0702 at around 10:55 GMT.

The pair is extending weakness for the 5th straight session, technical indicators have turned bearish.

Aussie under pressure after Fitch downgraded Australia’s outlook to negative while keeping its AAA rating.

'Bearish divergence' on RSI and Stochs add to downside pressure. Stochs and RSI are biased lower.

Price action is pivotal at 21-EMA support at 1.0674. The pair is trading below 200H MA. 

Break below 21-EMA could drag prices lower. Next major support lies at 55-EMA at 1.0555 ahead of 200-DMA at 1.0535. 

Major trend in the pair is still bullish as evidenced by GMMA indicator. Bounce of 21-EMA will see upside resumption. 

Support levels - 1.0674 (21-EMA), 1.0555 (55-EMA), 1.0535 (200-DMA)

Resistance levels - 1.0741 (5-DMA), 1.0748 (200H MA), 1.0865 (Nov 2019 high)

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