FxWirePro: AUD/NZD holds strong triangle base support at 1.04, bias remains lower
AUD/NZD is trading a "Symmetric triangle" pattern. The pair has held triangle base support and edged higher. Upside finds stiff resistance at 1.044 (converged 5 & 20 DMAs). Series of resistance on the upside: Ichi cloud …
Series of resistance on the upside: Ichi cloud base (1.0501), 100-DMA (1.0501), Triangle top (1.0485).
Price action pivotal at triangle base at 1.04, decisive break below will see drag upto 1.0237.
On the flipside, breakout above 1.0501 could see test of 1.0612.
Support levels - 1.04 (Triangle base), 1.0350 (78.6% Fib of 1.02371 to 1.07647 rally), 1.0312 (July 8 low)
Resistance levels - 1.044 (converged 20 & 5 DMA), 1.0485 (Triangle top ), 1.0501 (cloud base & 100-DMA)
Recommendation: Good to sell rallies around 1.0435/45, SL: 1.0485, TP: 1.04/ 1.0375/ 1.0350
FxWirePro's Hourly AUD Spot Index was at -94.8233 (Highly Bearish), while Hourly NZD Spot Index was at -44.1223 (Neutral) at 0655 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.