FxWirePro: AUD/NZD hits 3-week lows at 1.0459, eyes 23.6% Fib at 1.0424, stay short

AUD/NZD chart on Trading View used for analysis

• AUD/NZD is extending weakness for the 2nd straight week, bias lower.
   
• The pair is trading at 1.0458 at 0700 GMT, down 0.30% at the time of writing.
   
• Price action has failed at daily cloud and is extending weakness.
   
• Technical studies also support downside. RSI is below 50 and bias lower. Stochs are sharply lower and MACD also supports weakness.
   
• Next major bear target lies at 23.6% Fib at 1.0424. Break below to see further weakness.
   
• On the flipside 21-EMA is strong resistance at 1.0537. Bearish invalidation only on break above daily cloud.

Support levels - 1.0424 (23.6% Fib), 1.0370 (June 2017 low), 1.0326 (Jan 2017 low)

Resistance levels - 1.0536 (21-EMA), 1.0567 (38.2% Fib), 1.0587 (Dec 2018 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-slips-below-daily-cloud-good-to-stay-short-on-upticks-1487969) has hit TP1.

Recommendation: Book partial profits at lows, stay short for further downside.

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