- AUD/NZD's attempts recovery from 6-week lows, but upside lacks traction.
- Pair rejected at highs, slips below 50-DMA currently at 1.0501.
- Technical indicators on daily charts support downside in the pair.
- We see scope for test of trendline at 1.0420.
- Major support levels - 1.0463 (Nov 3 and session low), 1.0444 (Sept 23 low), 1.0420 (trendline)
- Major resistance levels - 1.0501 (50-DMA), 1.0518 (100-DMA), 1.0532 (Nov 3 high)
Recommendation: Good to sell rallies around 1.05 levels, SL: 1.0550, TP: 1.0465/ 1.0445/ 1.0420