Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/NZD resumes downside after rejection at 21-EMA, good to go short on upticks

AUD/NZD chart on Trading View used for analysis 

  • AUD/NZD extends weakness for 3rd straight session, trades 0.08% lower on the day.
     
  • The pair has resumed downside after upside recovery attempts were rejected at 21-EMA.
     
  • Momentum studies are bearish, RSI is biased lower. We see -ve DMI dominance.
     
  • The pair is in a long term downtrend and rejection at 21-EMA has opened up further downside for the pair.
     
  • We see scope for downside till 1.0370 (June 22 low). Further weakness only on break below.
     
  • On the flipside, we see upside possiblity only on breakout at 21-EMA.

Support levels - 1.0428 (Lower BB), 1.04, 1.0370 (June 22 low)

Resistance levels - 1.0518 (5-DMA), 1.0566 (converged 20-DMA and 21-EMA)

Recommendation: Good to go short on upticks around 1.0480, SL: 1.0570, TP: 1.04/ 1.0370

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.