- AUD/NZD has resumed downside after brief pause on Wednesday. Aussie weakens after lower than expected employment data.
- The pair is retracing from 200-DMA, currently it is holding above 20-DMA at 1.0604.
- Break below 20-DMA should confirm further downside.
- Technicals clearly bearish, RSI is biased lower, Stochs have confirmed a bearish crossover from overbought levels.
- MACD is on the verge of a bearish crossover on signal line.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-edges-higher-from-session-lows-at-10621-downside-intact-till-200-DMA-resistance-holds-352781) is progressing.
- Major support levels - 1.06 (20-DMA), 1.056 (38.2% Fib), 1.05 (50% Fib)
- Major resistance levels - 1.0679 (5-DMA), 1.07, 1.0711 (200-DMA), 1.0760 (trendline)
Recommend holding for targets. Bearish invalidation only above 200-DMA at 1.0712.
