FxWirePro: 'Death Cross' on AUD/NZD keeps bias lower, stay short for 1.0375

• 'Death Cross' (bearish 50-DMA crossover on 200-DMA) on AUD/NZD adds to the downside bias.
   
• RBA retained its neutral monetary policy stance and reiterated risks associated with rising exchange rate, weighing on the Aussie.
   
• The bid tone around the AUD gathered pace after Australia reported a bigger-than-expected trade surplus for May.
   
• But upside failed at stiff resistance at 1.0454 (converged 5&20 DMAs).
   
• RSI is flatlined but below 50 levels and Stochs are biased lower. Bearish invalidation only on decisive close above 20-DMA.
   

Support levels - 1.0404 (78.6% Fib retrace of 1.0237 to 1.1018 rise), 1.0375 (trendline), 1.0326 (Jan 31 low)

Resistance levels - 1.0454 (converged 5&20 DMAs), 1.0478 (July 5 high), 1.05

Call update: Our previous call (http://www.econotimes.com/FxWirePro-Bullish-divergence-on-AUD-NZD-eyes-200-DMA-at-10611-785559) has hit TP1&2.

Recommendation: Good to  go short on rallies around 1.0435/45, SL: 1.0480, TP: 1.04/ 1.0375

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -145.806 (Bearish), while Hourly NZD Spot Index was at 67.3839 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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