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FxWirePro: AUD/NZD breaks below daily cloud, bias lower, good to sell rallies

  • AUD/NZD price action dips below daily Ichi cloud, intraday bias lower.
     
  • Weakness seen on daily charts, with MACD on the verge of a bearish crossover.
     
  • The pair has closed below 100-DMA on Monday with confirmation on Stochs rollover and RSI slipping below 50.
     
  • We see scope for test of trendline support at 1.0345.
     
  • Support levels - 1.0455 (sessionlow), 1.0424 (Jan 5 low), 1.0345 (trendline)

  • Resistance levels - 1.0497 (100-DMA), 1.0508 (5-DMA), 1.0562 (200-DMA and cloud top)
     

Recommendation: Good to go short on ralies around 1.0490, SL: 1.0560, TP: 1.0455/ 1.04/ 1.0345.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -34.4552(Neutral), while Hourly NZD Spot Index was at 55.6511 (Neutral) at 0730 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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