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FxWirePro: AUD/NZD finds strong support at 1.0950 (20-DMA), good to go short on break below

  • AUD/NZD has failed to break out of daily Ichimoku cloud which was stiff resistance at 1.1072.
     
  • The pair has edged lower to break below 100-DMA and is currently trading at 1.0956 levels.
     
  • Aussie dented after lower than expected Australia CPI data released earlier today. 
     
  • Australia Q4 RBA trimmed mean CPI Q/Q was flat at 0.4 % (forecast 0.5 %) vs previous 0.4 %.  
     
  • Australia Q4 CPI Q/Q also remained unchanged at 0.6 % (forecast 0.7 %) vs previous 0.6 %.
     
  • Downside finds strong support at 20-DMA at 1.0950. Break below will accentuate weakness.
     
  • We then see scope for test of trendline support at 1.0875. Breach there could see 61.8% Fibo at 1.0721.
     
  • Technical studies have turned bearish. RSI has turned south and we see a -ve DMI crossover.
     
  • Stochs are also on verge of a bearish rollover from overbought levels.

Recommendation: Watch out for break below 20-DMA to go short, place stops at 100-DMA at 1.1002, targets 1.0875/ 1.08/ 1.0721
 

​Support levels: Resistance levels:
S1: 1.0950 (20-DMA)  R1: 1.10 (nearly converged 5&100-DMA)
S2: 1.0875 (trendline)  R2: 1.1055 (major trendline) 

 

 



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