FxWirePro: AUD/NZD breaks below 20-DMA, eyes 50-DMA at 1.1028

• AUD/NZD closes below 20-DMA support on Friday's trade, hits fresh 2-week lows at 1.1048, bias lower.
   
• Kiwi weak after data released earlier today showed New Zealand ANZ Commodity Price declined to -0.3% in October from previous 0.8%.
   
• The pair is slightly higher on the day, but 5-DMA at 1.1132 is strong resistance.
   
• The pair is extending grind lower along a potential 'Bullish Cypher' pattern on the daily charts.
   
• Technical studies are bearish, RSI and stochs biased lower, MACD shows bearish crossover on signal line.
   
• Bearish divergence on RSI and Stochs keeps scope for downside, test of 50-DMA at 1.1028 on cards.

Support levels - 1.1072 (23.6% Fib retracement of 1.0370 to 1.1290 rally), 1.1028 (50-DMA), 1.0938 (38.2% Fib)

Resistance levels - 1.1134 (5-DMA), 1.12, 1.1290 (Oct 24 high), 1.1310 (trendline)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-Potential-Bullish-Cypher-on-AUD-NZD-raises-scope-for-downside-good-to-short-rallies-974849) has hit TP2.

Recommendation: Book partial profits at lows. Hold for further downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -75.8727 (Bearish), while Hourly NZD Spot Index was at -23.045 (Neutral) at 0610 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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