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AUD/NZD chart on Trading View used for analysis
- AUD/NZD has broken "Symmetric Triangle" pattern, raising scope for further downside.
- The pair is extending weakness for the 6th straight session and hit 15-month lows at 1.0475.
- Breach at 'Triangle Base' support at 1.06 has opened up downside for the pair.
- Technicals support further weakness, drag till 1.0370 (Jun 2017 low) now likely.
- Technical indicators on weekly charts are also bearish. Stochs and RSI sharply lower.
- MACD supports downside. We see -ve DMI dominance and ADX rising in support of weakness.
- Price has slipped below weekly cloud and 200-W SMA and we see bearish invalidation only on retrace above.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-Near-Term-Outlook-1467221) has hit targets.
Recommendation: Book partial profits, stay short for further downside. Target 1.0370.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
