- AUD/NZD is extending weakness after break below 200-DMA at 1.0884, bias lower.
- The pair finds major trendline support at 1.08, break below likely to accentuate weakness.
- Technical indicators are biased lower. RSI slips below 50, bias lower. Momentum bearish.
- MACD is showing a bearish crossover on signal line adding to bearish bias.
- Upside finds immediate resistance at 5-DMA at 1.0863. Break above 200-DMA (1.0885) negates bearish bias.
- Break below 1.08 likely to see test of 61.8% Fib at 1.0668.
Support levels - 1.08 (trendline support), 1.0780 (38.2% Fib), 1.0668 (61.8% Fib)
Resistance levels - 1.0862 (5-DMA), 1.0884 (200-DMA), 1.09
Recommendation: Good to go short on break below 1.08, SL: 1.0865, TP: 1.0780/ 1.07/ 1.0670
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 54.3818 (Neutral), while Hourly NZD Spot Index was at 68.903 (Neutral) at 1230 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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