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FxWirePro: AUD/NZD short trade setup

AUD/NZD chart - Trading View 

AUD/NZD slips below 1.04 handle, trades 0.20% lower on the day at 1.0392 at 05:25 GMT.

Technical indicators are biased lower. RSI is well below 50 mark and biased lower.

Stochs show bearish momentum and volatility is rising as indicated by widening Bollinger Bands.

Price action is below cloud and major moving averages. Upside remains capped at 5-DMA which is sharply lower. 

MACD and ADX indicators support downside. Negative DMI dominance seen which adds to further weakness.

Price action has slipped below 61.8% Fib and next support aligns at lower BB (weekly) at 1.0317.

Further weakness will see test of 78.6% Fib at 1.0307. Bearish invalidation only above 200-DMA.

Support levels - 1.0316 (Lower BB), 1.0307 (78.6% Fib), 1.0253 (88.6% Fib)

Resistance levels - 1.0397 (61.8% Fib), 1.0421 (5-DMA), 1.0466 (21-EMA)

Recommendation: Good to go short on upticks, SL: 1.0430, TP: 1.0320/ 1.03

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

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50 %

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48.6 %

January 31 00:00 UTC 814977814977m

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2016 bln ARS

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 826797826797m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 814977814977m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 826797826797m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 814977814977m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 814977814977m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 814977814977m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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