- Aussie trades weaker across the board as sell-off in copper and iron ore prices continues.
- Upbeat New Zealand labor market report and dairt prices released on Wednesday keep the Kiwi supported.
- AUD/NZD hit 10-day low of 1.0759 and is currently trading at 1.0765, bias remains lower.
- Technical studies are bearish. RSI and Stochs are biased lower. Price action rages with the daily cloud.
- The pair has shown a decisive close below 20-DMA and next immediate bear target remains 1.07 (trendline).
Support levels: 1.0761 (April 7 low), 1.0712 (April 24 low), 1.0668 (100-DMA)
Resistance levels: 1.08 (20-DMA), 1.0833 (50-DMA), 1.0842 (5-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-breaks-below-50-DMA-more-downswings-likely-good-to-short-rallies-677235) has hit TP1.
Recommendation: Bias lower. Book partial profits at lows. Lower trailing stops to 1.08, hold for downside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -137.154 (Bearish), while Hourly NZD Spot Index was at -33.7816 (Neutral) at 0245 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
