- AUD/NZD struggles around 1.07 for the third straight session, slips below 5-DMA support.
- AUD is on the back foot following a dismal Aussie jobs data release earlier on Thursday.
- The pair is currently trade at 1.0669, close below 5-DMA could build bearish bias.
- Technical indicators still support upside, we do not see definite signs of reversal.
- Breakout above 1.07 will see test of 1.0765. On the flipside, close below 50-DMA at 1.0656 could see retrace upto 1.0523 (20-DMA)
Support levels - 1.0665 (5-DMA), 0.06, 1.0597 (61.8% Fib)
Resistance levels - 1.07, 1.0715 (88.6% Fib), 1.0743 (Aug 8,9 2016 high)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Bearish Neutral
1D Bullish Neutral
1W Bullish Neutral
Recommendation: We prefer to wait for confirmation on technicals.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 88.3416(Bullish), while Hourly NZD Spot Index was at 126.782 (Highly Bullish) at 0840 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
