- AUD/NZD provides more bearish confirmation, bias lower, stay short.
- Technicals clearly bearish, RSI is biased lower, Stochs have confirmed a bearish crossover from overbought levels.
- MACD is on the verge of a bearish crossover on signal line.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-edges-higher-from-session-lows-at-10621-downside-intact-till-200-DMA-resistance-holds-352781) is progressing.
- Major support levels - 1.06, 1.0593 (20-DMA), 1.056 (20-DMA & 38.2% Fib), 1.05 (50% Fib)
- Major resistance levels - 1.0678 (5-DMA), 1.07, 1.0712 (200-DMA), 1.0760 (trendline)
- Markets await data from China which is expected to show growth rate remained steady in third quarter.
Recommend holding for targets. Bearish invalidation only above 200-DMA at 1.0712.
