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FxWirePro: AUD/NZD finds major support at 1.1010, break below to accentuate weakness

  • AUD/NZD has retraced higher after brief dip below 50-DMA at 1.1029, currently trades around 1.1023.
     
  • Recovery in the pair capped below at 5-DMA at 1.1052, bias remains bearish.
     
  • The pair finds major trendline support at 1.1010, we see weakness accentuate on break below.
     
  • RSI and stochs biased lower, MACD shows bearish crossover on signal line.
     
  • Bearish divergence on RSI and Stochs keeps scope for downside. Break below 50-DMA finds next major support at daily cloud at 1.0944.
     
  • On the flipside, 20-DMA is major resistance at 1.1108, bearish invalidation on break above.

Support levels - 1.1029 (50-DMA), 1.1010 (trendline), 1.0944 (daily cloud)

Resistance levels - 1.1052 (5-DMA), 1.1072 (23.6% Fib retracement of 1.0370 to 1.1290 rally), 1.1108 (20-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-Potential-Bullish-Cypher-on-AUD-NZD-raises-scope-for-downside-good-to-short-rallies-974849) has hit all targets.

Recommendation: Watch out for break below 50-DMA for further weakness.

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