- 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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