FxWirePro: AUD/NZD capped below 20-DMA, intraday bias lower

• AUD/NZD sandwiched between 20-DMA and major trendline support at 1.0420.
   
• Technical indicators support downside, momentum studies are weak with RSI below 50 levels.
   
• Break below trendline (currently) at 1.0415 will accentuate weakness.
   
• Support levels - 1.0420 (trendline), 1.04, 1.0393 (Aug 25 low), 1.0363 (July 4 low)
   
• Resistance levels - 1.0454 (5-DMA), 1.0514 (20-DMA), 1.0547 (June 15 high)
   
• Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-holds-major-trendline-support-at-10415-weakness-only-on-break-below-435414) has hit TP1.
   

Recommendation: Bias lower, recommend booking partial profits and holding for further downside. 
​

FxWirePro's Hourly AUD Spot Index was at -23.9656 (Neutral), while Hourly NZD Spot Index was at 15.4958 (Neutral) at 0730 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex