Our previous AUD/NZD call (http://www.econotimes.com/FxWirePro-AUD-NZD-slips-below-200-DMA-good-to-sell-rallies-153694) has achieved targets.
- We see scope for further downside in the pair, so advise booking partial profits and hold for 1.0690.
- Price action is now falling below the daily cloud, and MACD is seeing a bearish signal line crossover on MACD line.
- Momentum is likely to remain with the bears for some time now, tests of 1.0632 (78.6% FIb of 1.0539 to 1.0970 rise) likely.
- The pair is currently trading at 1.0739, with immediate resistance at 1.0820 (10-DMA) and support at 1.0710 (Jan 22nd lows).
Recommendation: Book partial profits, lower trailing stops to 1.0810, TP: 1.0710/1.0690/1.0640
