FxWirePro: AUD/NZD breaks major trendline support at 1.0425, good to short rallies

• AUD/NZD has broken major trendline resistance at 1.04225 after struggling there for the past 6 days.
   
• Upside in the pair is seen capped at 5-DMA at 1.0438, close above would reverse the bearish bias.
   
• Momentum studies are weak with RSI below 50 levels. MACD and Stochs are biased lower.
   
• Support levels - 1.0363 (Nov 9 low), 1.0328 (Sept 2 low), 1.03, 1.0285 (trendline support)
   
• Resistance levels - 1.0430 (trendline), 1.0438 (5-DMA), 1.0506 (20-DMA), 1.0547 (June 15 high)
   
• ​Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-holds-major-trendline-support-at-10415-weakness-only-on-break-below-435414) has almost achieved all targets.
   

Recommendation: Traders in the trade could book partial profits, lower trailing stops to 1.0445, target 1.0365/ 1.0330/ 1.0285.
 

Fresh shorts can be eneterd on rallies around , SL: 1.0445, TP: 1.0365/ 1.0330/ 1.0285.
 

FxWirePro's Hourly AUD Spot Index was at 156.709 (Highly bullish), while Hourly NZD Spot Index was at 170.504 (Highly bullish) at 0320 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.