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FxWirePro: AUD/NZD capped at 50-DMA, break below 1.0520 to see further downside

AUD/NZD chart - Trading View 

AUD/NZD is trading 0.29% lower on the day at 1.0520 at 07:25 GMT.

The pair failed to break stiff resistance at 50-DMA and is extending weakness for the 2nd straight session.

Technical analysis support further downside for the pair. 5-DMA has turned, RSI is below 50 and biased lower. 

The pair is holding strong trendline support at 1.0520. Break below cloud will open up further downside.

Next major bear target below 1.05 (lower BB) lies at 1.0433 (Dec 10, 2018 low). 

Break above 50-DMA could see further upside. Gains till 200-DMA at 1.0604 likely. Bearish invalidation only above 200-DMA.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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