FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro: AUD/NZD finds strong support at 110-EMA, break below to see dip till 200-DMA at 1.0536
AUD/NZD chart - Trading View
AUD/NZD was trading 0.05% higher on the day after closing marginally higher in the previous session.
The pair has found strong support at 110-EMA and is extending gains after bounce off 110-EMA support.
Major trend in the pair is neutral while minor trend has shifted to bearish. RSI is below 50 and momentum is bearish.
Continued deflation in China factory-gate prices does not bode well for commodity currencies and risk assets.
Recovery lacks traction. Upside finds stiff resistance at 55-EMA at 1.0640. Break above finds next major resistance at 1.0660 (converged 20-DMA and 21-EMA).
On the flipside, break below 110-EMA will see resumption of weakness. Dip till 200-DMA at 1.0536 likely.