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FxWirePro: AUD/NZD struggles to break out of daily cloud, consolidates above 200-DMA

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bullish

- AUD/NZD was trading 0.34% higher on the day at 1.0748 at around 09:10 GMT

- The pair is struggling to breakout of daily cloud from the past few sessions

- Price action is consolidating above 200-DMA and bias bullish as long as 200-DMA support holds

- RSI is above 50 and supports the current uptrend, Stochs are also biased north

- GMMA indicator shows near-term trend is bullish, while major trend is neutral

Support levels - 1.0719 (200-DMA), 1.0701 (55-EMA), 1.0630 (cloud base)

Resistance levels - 1.0785 (Trendline), 1.08, 1.0827 (Feb 23 high)

Summary: AUD/NZD is extending sideways at cloud top resistance. Breakout of cloud will see test of next major resistance at Triangle Top 1.0785. Symmetric Triangle breakout will propel the pair higher.

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