- AUD/NZD has retraced from multi-week lows at 1.0824 hit on Thursday and is currently trading at 1.0870.
- The pair has retraced break below 50-DMA at 1.0856, but upside capped below 5-DMA at 1.0907.
- The pair is extending slump for 3rd consecutive week, after rejection at major trendline resistance at 1.1155.
- Techs are biased lower, decisive break below 50-DMA will see further drag, scope then for test of 100-DMA at 1.07.
- On the flipside, only decisive break above 1.1155 (trendline) could see further upside.
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-recovery-capped-below-5-DMA-at-110-bias-bearish-906263) has hit TP1&2.
Recommendation: Book partial profits at lows, watch out for decisive break below 50-DMA for further downside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -88.1351 (Bearish), while Hourly NZD Spot Index was at 59.0829 (Neutral) at 0814 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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