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AUD/NZD chart on Trading View used for analysis
- AUD/NZD slumps lower on the day, is trading at 1.0617, down 0.48% at the time of writing.
- The pair has broken major trendline support at 1.0658 and we see scope for further weakness.
- Momentum studies are highly bearish on the daily and weekly charts. We see some oversold pressures on the dailies which could see some pullbacks.
- For now we do not see any major signs of reversal. Volatility is on the rise on weekly charts, momentum with the bears.
- We see strong support at 1.0585 (Triangle base). Breach there will accentuate weakness. Next bear targets below 1.0585 are 1.0550 and then 1.0490.
- Breakout above 200-DMA will invalidate our bearish bias.
Support levels - 1.0585 (Triangle base), 1.0550 (trendline), 1.0488 (Apr 12 low)
Resistance levels - 1.0658 (trendline), 1.0685 (5-DMA), 1.0774 (21-EMA)
Recommendation: Stay short on break below 1.0585, target 1.055/ 1.0485
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
