FxWirePro: AUD/NZD Trade Idea

AUD/NZD chart on Trading View used for analysis

FxWirePro Currency Strength Index for AUD/NZD: Bias Bearish
FxWirePro's Hourly AUD Spot Index was at -150.673 (Bearish)
FxWirePro's Hourly NZD Spot Index was at 79.4871 (Neutral)

Technical Analysis: Bias Bearish
- Price action below cloud and major moving averages
- Breaks below major support at 1.06 on the weekly charts
- Hits new 1 1/2 year lows at 1.0524, momentum with the bears
- Widening Bollinger bands on weekly and daily charts suggest rise in volatility

Fundamental Factors:
- Aussie under pressure after dismal GDP data which has reiterated expectations that the RBA will be on hold for an extended period.

Support levels - 1.0488 (Apr 2018 low), 1.0370 (Jun 2017 low)
Resistance levels - 1.06 (nearly converged trendline and 5-DMA), 1.0640 (5W SMA)

Recommendation: Good to go short around 1.0555/65, SL: 1.06, TP: 1.05/ 1.0490

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