FxWirePro: AUD/NZD downside supported by 20-DMA at 1.0472, weakness only on close below

• AUD/NZD was rejected at major trendline resistance at 1.0530 on Friday's trade.
   
• The pair is trading 0.15 percent lower on the day, remains capped below 100-DMA at 1.0508.
   
• We see a possible shooting star formation at highs.
   
• 20-DMA is holding downside in the pair, decisive break below could accentuate weakness. 
   
• Technical indicators are still biased higher, we do not see any bearish reversal signs.

Support levels - 1.0471 (20-DMA), 0.0450 (5-DMA), 1.04

Resistance levels - 1.0508 (100-DMA), 1.0525 (trendline), 1.0531 (200-DMA)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                 Neutral       
4H          Bearish                Neutral       
1D          Neutral                 Neutral                
1W         Neutral                 Neutral      

Call update: Our previous call (http://www.econotimes.com/FxWirePro-Aussie-spikes-on-mammoth-Dec-trade-surplus-data-good-to-buy-AUD-NZD-dips-519447) has almost hit TP1 & 2.

Recommendation: We see some consolidation, weakness only below 20-DMA. Prefer to wait for further confirmation.