FxWirePro: AUD/NZD rejected at highs, break below 20-DMA support at 1.0992 to see further weakness

• AUD/NZD recovery capped below 5-DMA at 1.1056, pair rejected at session highs at 1.1045, intraday bias lower.
   
• The kiwi remains buoyed after latest poll survey showed possible victory of ruling National Party.
   
• Latest Newshub-Reid Research poll showed the ruling National Party on 10 points lead of its Labour counterpart at 47.3 percent, up 4 percentage points from its previous poll.
   
• The pair finds major resistance on the upside at 1.1155 (trendline) and only break above will see further upside.
   
• Technical studies have turned slightly bearish. Downside is holding strong support by 20-DMA at 1.0992.
   
• Break below 20-DMA will see further drag, test of 50-DMA at 1.0802 likely.

Support levels - 1.0992 (20-DMA), 1.0961 (23.6% Fib retrace of 1.03706 to 1.11437 rally), 1.0802 (50-DMA)

Resistance levels - 1.1058 (5-DMA), 1.11, 1.1155 (trendline)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-finds-strong-support-at-11072-good-to-go-short-on-break-below-891814) has hit TP1&2.

Recommendation: Book partial profits at lows. Lower trailing stop to 1.1060, hold for downside 1.0930/ 1.08.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -4.93956 (Neutral), while Hourly NZD Spot Index was at 82.8318 (Bullish) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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