FxWirePro: AUD/NZD finds strong support at 1.05, break below to see further weakness

• AUD/NZD is holding strong trendline support at 1.05, break below to see further weakness.
   
• Aussie is struggling to maintain bullish momentum as risk appetite sours and Aussie data falters.
   
• On the other side, kiwi supported after speech from RBNZ's Assistant Governor, John McDermott.
   
• The pair is extending weakness below major EMAs, 'Death Cross' formation keeps scope for further downside.
   
• The pair is trading 0.27% lower on the day, momentum studies are highly bearish.
   
• Technical indicators are biased lower. Momentum with the bears. RSI shows weakness below 50 levels.
   
• Break below 1.05 eyes 1.0475 (88.6% Fib). Violation there could see further weakness.
   
• Upside remains capped below 5-DMA which is immediate resistance at 1.0533. Close above will see some upside.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-extends-bearish-momentum-eyes-886-Fib-at-10475-1241873) has hit TP1.

Recommendation: Book partial profits. Hold for further weakness.

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