- 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.
