FxWirePro: AUD/NZD capped below 20-DMA at 1.0465, good to sell rallies

AUD/NZD extends declines for a third consecutive session.

Release of higher inflation expectation numbers from RBNZ kept the kiwi supported.

The pair has broken below 50-DMA and intraday bias bearish.

AUD/NZD largely ignores RBA's rate decision and upbeat comments. 

RBNZ seen keeping rates on hold at a record low of 1.75% this week. 

Currently, the pair has edged higher from session lows at 1.0378 ans is trading around 1.0422.

Technical indicators are biased lower, we see scope for test of trendline support at 1.0335. Bearish invalidation above 20-DMA at 1.0465.

Support levels - 1.04, 1.0379 (session low), 1.0335 (trendline), 1.0326 (Jan 31 low)

Resistance levels - 1.0432 (23.6% Fib retrace of 1.0765 to 1.0330 fall), 1.0451 (50-DMA), 1.0465 (20-DMA)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Neutral                Neutral      

Recommendation: Good to go short on rallies around 1.0425/30, SL: 1.0475, TP: 1.04/ 1.0375/ 1.0330

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 5.91573(Neutral), while Hourly NZD Spot Index was at 61.6119 (Bullish) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.