- AUD/NZD is trading a "Symmetric triangle" pattern. Bias lower.
- The pair finds series of resistance on the upside: Ichi cloud base (1.0501), 100-DMA (1.0501), Triangle top (1.0485).
- Price action pivotal at triangle base at 1.04, decisive break below will see drag upto 1.0237.
- On the flipside, breakout above 1.0501 could see test of 1.0612.
- Support levels - 1.04 (Triangle base), 1.0350 (78.6% Fib), 1.0312 (July 8 low)
- Resistance levels - 1.0455 (5-DMA), 1.0485 (Triangle top ), 1.0501 (cloud base & 100-DMA),
Recommendation: Watch out for breach of triangle base at 1.04 to go short, target 1.0350, 1.0310, 1.0240
FxWirePro's Hourly AUD Spot Index was at -90.4912 (Highly Bearish), while Hourly NZD Spot Index was at -30.9453 (Neutral) at 0720 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
