FxWirePro: AUD/NZD ends short term consolidation phase, negative setup to target 1.0497

AUD/NZD closes below trendline support at 1.0582 in Monday's trade, a fresh 1.0571 trend low recorded.

• The pair broke below its short term consolidation phase on Monday,  5, 10 & 20 DMAs trend south - negative setup
   
• Current bearish setup targets a test of the 1.0497 October trend low, with immediate support at 1.0530 (Nov 3 lows) and resistance at 1.0582 (Oct 30 high)

 

Recommendation: Sell rallies around 1.0580, SL: 1.0620, TP: 1.05
Resistance Levels:

1.0582 (Oct 30 high)

1.0607 (50 DMA)

1.0619 (10 DMA)

Support Levels: 

1.0530 (Nov 3 lows)

1.0520 (Nov 2 lows)

1.0497 (Oct 30 lows)