FxWirePro's Hourly Currency Index bias for AUD/NZD at 0500 GMT: Bearish
FxWirePro's Hourly AUD Spot Index: -122.59 (Bearish)
FxWirePro's Hourly NZD Spot Index: 90.5586 (Bullish)
Technical Analysis: Bias Bearish
- Price action rejected at daily cloud
- Breaks below 5 and 20 day moving averages
- RSI has turned south and Stochs are biased lower
- Bearish divergence seen on RSI and Stochs on weekly charts
Data Drivers:
- Australia Q3 GDP data missed expectations
- +0.6 pct q/q, (forecasts +0.7 pct), +2.8 pct y/y (forecasts +3.0 pct)
Support levels - 1.0960 (100-DMA), 1.0887 (38.2% Fib retrace of 1.0237 to 1.1290 rally), 1.0825 (200-DMA)
Resistance levels - 1.1045 (5-DMA), 1.1051 (20-DMA), 1.1090 (cloud top)
Recommendation: Stay short for 100-DMA (1.0960). Watch out for break below for further downside. Target 1.090/ 1.0825.
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