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FxWirePro: AUD/NZD breaks major trendline support, hits 3-week lows at 1.0849

  • AUD/NZD breaks below major trendline support at 1.0875, bias lower, we prefer to stay short.
     
  • The pair is extending weakness after break below 20-DMA, hits 3-week low at 1.0849.
     
  • Price action today remains extremely range-bound, the pair makes the day's high of 1.0874 and a low of 1.0854.
     
  • Upside finds stiff resistance at 1.0938 (converged 20-DMA and 38.2% Fib). Upside only on break above.
     
  • Technical studies are bearish. Next bear target 50% Fibo at 1.0830 ahead of 61.8% Fib at 1.0721.
     
  • Markets now await New Zealand seasonally adjusted Building Permits for December for further impetus in the pair.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-finds-strong-support-at-10950-20-DMA-good-to-go-short-on-break-below-1124222) has hit TP1.

Recommendation: Book partial profits at lows. Bias lower, hold for further downside.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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May 23 12:00 UTC Released

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