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

    Source: FxWire Pro - Technicals / 22 Nov 2020 11:41:37   America/New_York

    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. 

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