- 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.
