AUD/NZD chart - Trading View
AUD/NZD fails to break 110-EMA resistance from many sessions.
Technical indicators are starting to turn bearish on the intraday charts.
The pair trades below major moving averages and has slipped below daily cloud.
Price action has at the time of writing formed a 'Gravestone Doji' raising scope for further weakness.
RSI and Stochs have turned and Stochastics RSI is on verge of rollover from overbought levels.
The pair is on track to test lower Bollinger band at 1.0430. Further weakness will see test of 61.8% Fib at 1.0397.
Major resistance lies at 110-EMA at 1.0539. Bearish invalidation only above 200-DMA.
Support levels - 1.0430 (Lower BB and trendline), 1.0424 (July 2 low), 1.0397 (61.8% Fib)
Resistance levels - 1.0504 (converged 5-DMA and 21-EMA), 1.0538 (110-EMA), 1.0570 (200-DMA)
Recommendation: Stay short on close below daily cloud, SL: 1.0540, TP: 1.0430/ 1.0400
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
