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AUD/NZD chart on Trading View used for analysis
- AUD/NZD has been trading in a "Symmetric Triangle" pattern, bias remains bearish.
- The pair is testing 'Triangle Base' support at 1.06 and break below will see weakness.
- We see little support till 1.0488 (Apr 2018 low). Further weakness can drag the pair till 1.0370 (Jun 2017 low).
- Technical indicators on weekly charts are bearish. Stochs and RSI sharply lower.
- MACD supports downside. We see -ve DMI dominance and ADX rising in support of weakness.
- Price has slipped below weekly cloud and 200 SMA and we see bearish invalidation only on retrace above 200W SMA.
Support levels - 1.06 (Triangle base), 1.0488 (Apr 2018 low), 1.0370 (Jun 2017 low)
Resistance levels - 1.0630 (5-DMA), 1.0754 (200-W SMA)
Recommendation: Watch out for breach at Triangle base for weakness, target 1.0490
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
