FxWirePro: AUD/NZD rejected at major trendline resistance at 1.0765, slips below 200-DMA, bias lower
Monday, October 17, 2016 9:03 AM UTC
- AUD/NZD was rejected at major trendline resistance at 1.0765, has slipped below 200-DMA at 1.0712.
- Downside finds next major support at 1.0640 (23.6% Fib), break below could see further drag.
- RBA Governor Philip Lowe's speech and RBA's latest monetary policy meeting minutes during early Asian session on Tuesday in focus.
- Major support levels - 1.0640 (23.6% Fib), 1.06, 1.056 (20-DMA & 38.2% Fib), 1.05 (50% Fib)
- Major resistance levels - 1.0692 (5-DMA), 1.07, 1.0712 (200-DMA), 1.0760 (trendline)
- Recommendation: Good to go short on break below 1.0640, SL: 1.0715, TP: 1.06/ 1.0563/ 1.05
- Bearish invalidation above trendline resistance at 1.0765, test of 1.0874 then likely.