FxWirePro: AUD/NZD capped below 20W SMA at 1.0983, bias lower, stay short

• AUD/NZD is extending break below 20W SMA at 1.0983, intraday bias bearish.
   
• Technical studies are bearish, we see scope for test of 200W SMA at 1.0758.
   
• Momentum studies are bearish, RSI sharply lower and weakness seen below 50 levels.
   
• We see a bearish MACD line crossover on signal line which adds to bearish bias.
   
• A bearish divergence from price action on RSI and stochs further supports downside in the pair.

Support levels - 1.0827 (200-DMA), 1.0779 (50W SMA), 1.0758 (200W SMA)

Resistance levels - 1.0930 (5-DMA), 1.0973 (100-DMA), 1.0983 (20W SMA)

Recommendation: Good to go short on rallies around 1.09/1.0910, SL: 1.0990, TP: 1.0830/ 1.0780/ 1.0760.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 88.0807 (Bullish), while Hourly NZD Spot Index was at 131.56 (Bullish) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest