FxWirePro: AUD/NZD finds strong support at 1.0787, good to go short on break below

• AUD/NZD extends weakness for a second straight session, trades 0.43% lower on the day.
   
• Disappointing Chinese trade surplus data weighs for the second straight session on the Aussie.
   
• Weak China's trade surplus in May, primarily led by a sharp jump in imports, further weighed on the Australian Dollar. 
   
• Technical indicators are turning bearish. Stochs are biased lower and RSI has slipped below 50 levels.
   
• The pair finds major support at 1.0787 (nearly converged 55 and 110-EMA), break below will see further weakness.
   
• On the flipside, 5-DMA is immediate resistance. Close above will see resumption of upside.

Support levels - 1.0787 (nearly converged 55 and 110-EMA), 1.0724 (50% Fib), 1.07

Resistance levels - 1.08, 1.0838 (21-EMA), 1.0852 (5-DMA)

Recommendation: Good to go short on break below 1.0785, SL: 1.0840, TP: 1.0725/ 1.07/ 1.0670

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