AUD/NZD tests 1.0615 support, could see 1.05 on close below

AUD/NZD has dipped below trendline support at 1.0615 and edged higher, negative setup could target 1.05 levels but some consolidation likely.

Consistent lower highs maintains downside pressure, momentum studies are neutral, 5, 10 & 20 DMAs trend south.

Inverted cup & handle pattern observed on daily charts, price action is well below the cloud, RSI is at 34 and points south.

Watchout for close below 1.0615 for further downside, 1.05 (Oct 30 lows) likely target, place stops at 0.0660

Resistance Levels:

R1: 1.0660 (Session high Dec 21)

R2: 1.0680 (Dec 18 high)

R3: 1.0692 (10-Day MA)

Support Levels:

S1: 1.0615 (Trendline support)

S2: 1.0584 (Dec 18 lows)

S3: 1.0558 (Oct 29 low)