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FxWirePro: AUD/NZD takes support at 100-DMA (1.0963), break below to see further weakness

  • AUD/NZD in the red for the third consecutive week, bias lower.
     
  • The pair has taken support at 100-DMA at 1.0963, break below to see further weakness.
     
  • Aussie remains under pressure as the series of weak data continue from Australia.
     
  • Data released earlier today showed Australia trade surplus narrowed in October.
     
  • October trade surplus registered at 105M, below expectations at 1375M, while exports dropped 3 percent.
     
  • The pair is trading in a symmetric triangle pattern on weekly charts, and technical indicators support downside.
     
  • RSI biased lower, momentum studies weak, MACD shows bearish crossover on signal line.

Call update: We had advised a short in our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-Trade-Idea-1044188).

Recommendation: Bias lower, stay short below 100-DMA.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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77.1 %

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3.20 %

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January 9 11:00 UTC 3547335473m

BRRetail Sales YY*

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3.20 %

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January 9 11:00 UTC 3547335473m

BRRetail Sales MM*

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Forecast

0.35 %

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BRRetail Sales YY*

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Forecast

3.20 %

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