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AUD/NZD chart on Trading View used for analysis
- AUD/NZD extends weakness for 3rd straight session, trades 0.08% lower on the day.
- The pair has resumed downside after upside recovery attempts were rejected at 21-EMA.
- Momentum studies are bearish, RSI is biased lower. We see -ve DMI dominance.
- The pair is in a long term downtrend and rejection at 21-EMA has opened up further downside for the pair.
- We see scope for downside till 1.0370 (June 22 low). Further weakness only on break below.
- On the flipside, we see upside possiblity only on breakout at 21-EMA.
Support levels - 1.0428 (Lower BB), 1.04, 1.0370 (June 22 low)
Resistance levels - 1.0518 (5-DMA), 1.0566 (converged 20-DMA and 21-EMA)
Recommendation: Good to go short on upticks around 1.0480, SL: 1.0570, TP: 1.04/ 1.0370
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
