- AUD/NZD has edged higher from session lows at 1.0396 after holding minor trendline support.
- 'Death Cross' (bearish 50-DMA crossover on 200-DMA) on AUD/NZD keeps scope for downside intact.
- Upside finds minor trendline resistance at 1.0440, break above sees next major resistance at 1.0460 (1H 200-SMA).
- Bearish invalidation only above 1.0460. Test of 1.0535 then likely.
Support levels - 1.0404 (78.6% Fib retrace of 1.0237 to 1.1018 rise), 1.0375 (trendline), 1.0326 (Jan 31 low)
Resistance levels - 1.0460 (1H 200-SMA), 1.0478 (July 5 high), 1.05
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Death-Cross-on-AUD-NZD-keeps-bias-lower-stay-short-for-10375-789871) has hit TP1.
Recommendation: Book partial profits at lows, stay short for further downside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -40.2303 (Neutral), while Hourly NZD Spot Index was at -8.69376 (Neutral) at 0945 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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