AUD/NZD chart - Trading View
AUD/NZD extends sideways along cloud base support, bias bearish.
The pair is trading 0.19% higher on the day at 1.0523 at 08:15 GMT.
Price action is below major moving averages and volatility is rising.
Downside finds strong support at 1.05 (nearly converged 20W SMA and daily cloud base).
Decisive break below cloud will accentuate weakness. Scope for weakness till 61.8% Fib at 1.0397.
Technical analysis supports downside. RSI is well below 50 and Stochs are sharply lower.
5-DMA is immediate resistance at 1.0534. Break above 200-DMA negates bearish bias.
Recommendation: Stay short on break below daily cloud, SL: 1.0560, TP: 1.0460/ 1.04
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
