FxWirePro: AUD/NZD intraday bearish bias upon slipping below DMAs but catch dips to go long in medium term

Ever since the appearance of shooting star and gravestone doji at 1.0720 and1.0703 levels respectively, the pair has been experiencing bearish momentum on intraday charts (see 4H charts).

The selling momentum is confirmed by both leading indicators (RSI and Stochastic converge downwards to the prevailing price dips).

The current prices have slid below 7 & 21SMAs, while MACD has shown a bearish convergence.

However, prior to these bearish evidences, in the recent past Aussie dollar against Kiwi dollar has recovered its price losses, bulls started pushing hard vigorously from the lows of  1.0436 to the highs of 1.0743 levels (almost about 2.94%).

AUDNZD surpasses recent bullish focal points: In between it has cleared resistances at 1.0598 and 1.0707 levels and EMAs.

On daily chart, the leading oscillators heading towards overbought zones, RSI evidences the positive convergence with the every price bounces that signifies the strength in bullish momentum, (currently, RSI trending at 76.1052).

While there is no trace of selling indications even if stochastic curve reaches above 80 level which is overbought zone.

Bulls seem to be still in the picture as bounce back may take place if it tests support at 7EMA after today’s RBNZ's monetary policy, forecasts remain at 25 bps rate cut in its OCR.

More importantly, daily prices have still been well above 7 & 21EMA curves that would mean that the upswings may extend further amid minor dips.

Well, having said that we wrap up with a concluding note, intraday traders can eye on one touch binary put options, whereas short-medium term bulls can speculate this pair capturing every price dip to go long.