FxWirePro: AUD/NZD breaks below 78.6% Fib, hits fresh 8-month lows at 1.0526

• AUD/NZD has breached below 78.6% Fib retracement of 1.03706 to 1.12899 rally at 1.05673.
   
• Price has hit fresh 8-month lows at 1.0526, bias still bearish.
   
• Technical indicators are biased lower. RSI is weak below 50 levels and Stochs are biased lower.
   
• Price drags lower after a 'Death Cross' formation (bearish 50-DMA crossover on 200-DMA) on daily charts.
   
• Price action now finds next major support at 1.0475 (88.6% Fib). Break below to see further weakness.
   
• Upside remains capped at 5-DMA at 1.0593. Break above could see minor upside.

Support levels - 1.0493 (July 13 low), 1.0475 (88.6% Fib), 1.0412 (June 14 low)

Resistance levels - 1.0593 (5-DMA), 1.0665 (20-DMA), 1.07

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-finds-major-trendline-support-at-10615-good-to-go-short-on-break-below-1220510) has hit TP1.

Recommendation: Bias lower, stay short.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -52.3619 (Neutral), while Hourly NZD Spot Index was at 123.453 (Bullish) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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