- AUD/NZD is struggling at 100-DMA support, intraday bias lower.
- Pair finds strong support at 1.05, break below will be confirmation of a forthcoming lower low.
- Techs have turned bearish. Stochs and RSI point south. We see scope for test of 1.0438 (61.8% Fib).
- Major support levels - 1.0527 (100-DMA), 1.05 (50% Fib and trendline), 1.0468 (61.8% Fib)
- Major resistance levels - 1.0540 (50-DMA), 1.0563 (38.2% Fib), 1.0576 (20-DMA)
Recommendation: Good to go short on close below 1.05, SL: 1.0540, TP: 1.0475/ 1.0438/ 1.04
FxWirePro's Hourly AUD Spot Index was at -116.816 (Highly bearish), while Hourly NZD Spot Index was at -75.7043 (Slightly bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
