FxWirePro: AUD/NZD finds major resistance at 100-DMA (1.0985), upside only on break above
AUD/NZD capped below major resistance at 100-DMA at 1.0985. We see upside only on break above. RSI holds flat on weekly charts with a neutral bias, but bearish divergence from price action keeps scope for downside. Momen…
AUD/NZD capped below major resistance at 100-DMA at 1.0985. We see upside only on break above.
RSI holds flat on weekly charts with a neutral bias, but bearish divergence from price action keeps scope for downside.
Momentum studies are bearish, RSI converges nicely with price action on daily charts.
We see a bearish MACD line crossover on signal line on the weeklies which adds to bearish bias.
Price action hovers around 23.6% Fib of 1.37765 to 1.00018 fall at 1.0892. Break below to see further weakness.
Next major support lies at 1.0789 (50W SMA) ahead of 1.0719 (100W SMA).
Recommendation: Watch out for break below 23.6% Fib for further weakness.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 66.099 (Neutral), while Hourly NZD Spot Index was at -1.07754 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
