FxWirePro: AUD/NZD breaks below cloud, on track to test 61.8% Fib at 1.0397, stay short on upticks

AUD/NZD chart - Trading View 

AUD/NZD breaks below daily cloud, opening up downside in the pair.

Recovery attempts were rejected at 21-EMA and the pair has slipped lower from session highs at 1.0540.

The pair was trading 0.24% lower on the day at 1.0458 at 10:45 GMT, bias is bearish.

Technical indicators support downside. RSI is well below 50 and biased lower. Momentum studies are bearish.

GMMA shows downside for shorter-term moving averages and 5-DMA is biased lower.

Price action has broken below 20W SMA which was strong support. Bears on track to test next major support at 61.8% Fib at 1.0397.

Immediate resistance is seen at 5-DMA at 1.0495. Bearish invalidation only above 200-DMA.

Support levels - 1.04, 1.0397 (61.8% Fib), 1.0368 (Feb 14 low)

Resistance levels - 1.4595 (5-DMA), 1.0531 (21-EMA), 1.0572 (50-DMA)

Recommendation: Good to go short on upticks, SL: 1.0535, TP: 1.04/ 1.0370

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