FxWirePro: AUD/NZD fails to find support above 1.05 mark, stay bearish
AUD/NZD is trading around 1.0448 marks. Pair made intraday high at 1.0468 and low at 1.0444 marks. Intraday bias remains bearish till the time pair holds initial support at 1.0455 marks. On the top side, a sustained clos…
Pair made intraday high at 1.0468 and low at 1.0444 marks.
Intraday bias remains bearish till the time pair holds initial support at 1.0455 marks.
On the top side, a sustained close above 1.0547 will drag the parity higher towards 1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
Alternatively, a daily close below 1.0455 will take the parity down towards key supports around 1.0408(June 9, 2016 low), 1.0362 and 1.0231 marks respectively.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.
Today Australia released MI leading index with flat numbers at 0.2% m/m.
On the other side, New Zealand released visitor arrivals data with positive numbers at 0.1% m/m vs -1.1% m/m previous release.
We prefer to take short position in AUD/NZD around 1.0460, stop loss 1.0547 and target 1.0374 levels.
