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FxWirePro: USD/ZAR edges higher but bearish outlook persists 
- Aussie sold-off following disappointing Building Permits data for the month of December.
- AUD/NZD extended previous session's slump, dragged lower below 20-DMA, hit session lows at 1.0915.
- The antipodean however recovered slightly following better-than-expected manufacturing PMIs coming from China.
- China Caxin PMI surprised analysts (forecast 51.3), coming in unchanged from the previous number of 51.5.
- Upside however remains capped at 20-DMA at 1.0946. Only retrace and close above will see bearish invalidation.
- Markets now await New Zealand seasonally adjusted Building Permits for December for further impetus in the pair.
- Technical studies have turned bearish. We then see scope for test of trendline support at 1.0875. Breach there could see 61.8% Fibo at 1.0721.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-finds-strong-support-at-10950-20-DMA-good-to-go-short-on-break-below-1124222) is progressing well.
Recommendation: Bias lower. Hold for targets.
| Support levels | Resistance levels |
| S1: 1.0875 (trendline) | R1: 1.0946 (20-DMA) |
| S2: 1.0844 (Jan 12 low) | R2: 1.0989 (5-DMA) |
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -145.316 (Bearish), while Hourly NZD Spot Index was at 58.2365 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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