- AUD/NZD upside rejected at session highs at 1.0791, extends break below 200-DMA.
- Kiwi shrugged-off a big beat on the NZ employment data, focus remains on the RBNZ interest rate decision due later today.
- Technical studies are bearish. The pair is on track to 61.8% Fib at 1.0781.
- RSI and Stochs are biased lower. MACD has shown a bearish crossover on signal line.
- We see scope for further weakness. Next bear target below 61.8% Fib lies at 1.06 (major trendline).
Support levels - 1.0721 (61.8% Fib retrace of 1.0370 to 1.1290 rally), 1.07, 1.06 (trendline)
Resistance levels - 1.0816 (5-DMA), 1.0845 (200-DMA), 1.0881 (Feb 5 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-finds-strong-support-at-10950-20-DMA-good-to-go-short-on-break-below-1124222) has hit TP2.
Recommendation: Bias lower, hold for further downside. Watch for break below 61.8% Fib for test of 1.06 levels.
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