AUD/NZD restrained within cloud after retreat from double top (1.1086), target 1.0730 in sight

AUD/NZD has formed Double-top at 1.1086 (Nov 24,25), price action has dipped back into the cloud, target 1.0730 in sight.

• The pair has broken minor trendline support at 1.1011 in yesterday's trade, and price action on the day has been restrained within the cloud
   
• Daily Stochs also have turned back from overbought levels, we find it good to sell rallies as mentioned in our previous call (link below)
   
• Immediate support is seen 1.0995 (10-Day MA), breaks below could take the pair to 1.0955 levels. On the flipside immediate resistance is seen at 1.1010 (cloud base) and further at 1.1086

 

Our previous call: http://www.fxwirepro.com/fxwire/popup.htm?id=734352