• AUD/NZD price action rejected at session lows by 1.0536, pair has reversed RBNZ led slump and is trading at 1.0625 levels.
   
• 50-DMA at 1.0540 is strong support on the downside, pair has bounced off after holding 50-DMA support.
   
• Techs on daily charts support further downside, RSI is biased lower, Stochs show a rollover from overbought levels.
   
• We see scope for test of 1.05 levels, bearish invalidation only on close above 20-DMA at 1.0626.
   
• Above 1.0626 the pair finds next resistance at 1.0727 (double top 22nd and 25th July) and then 1.0743 (double top 8th and 9th Aug).
   
• Break below 50-DMA at 1.0540 will see test of 1.050 (trendline) and then 1.0436 (Aug 2nd low).