FxWirePro: AUD/NZD tests 50% Fib, bearish bias intact, 61.8% Fib at 1.0392 in sight

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/NZD is extending weakness after break below 200-DMA

- Analysis of GMMA indicator shows major and minor trend are strongly bearish on daily and weekly charts

- Volatility is high and rising as evidenced by widening Bollinger bands

- Stochs and RSI are sharply lower, momentum strongly bearish

- Price action is below major moving averages, tested 50% Fib retracement at 1.0517, 61.8% Fib in sight

Support levels - 1.0484 (Apr 21st low), 1.0392 (61.8% Fib), 1.03

Resistance levels - 1.0556 (5-DMA), 1.0589 (200H MA), 1.0622 (21-EMA)

Summary: AUD/NZD trades with a major bearish bias. Scope for test of 61.8% Fib at 1.0392. Bearish invalidation only above 200-DMA.