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FxWirePro: AUD/NZD slips below 1.07 handle, on track to test 200-DMA at 1.0619
AUD/NZD chart - Trading View
AUD/NZD was trading 0.04% lower at 1.0706 at around 10:25 GMT, outlook bearish.
The pair has slipped lower from session highs at 1.0730 and technical studies support further weakness.
Momentum with the bears. Stochs and RSI are sharply lower and RSI is below the 50 mark.
Analysis of the GMMA indicator shows major trend is turning bearish, while minor trend is strongly bearish.
Recovery attempts capped at hourly cloud and volatility is rising as evidenced by widening Bollinger bands.
Scope for dip till 200-DMA at 1.0619. Break below 200-DMA will open downside.
Support levels - 1.0641 (38.2% Fib), 1.0619 (200-DMA), 1.0583 (Trendline)
Resistance levels - 1.0735 (5-DMA), 1.0758 (110-EMA), 1.0788 (20-DMA)