FxWirePro: AUD/NZD remains well supported below 1.05 mark, good to sell on rallies
AUD/NZD is trading around 1.0485 marks. Pair made intraday high at 1.0505 and low at 1.0473 marks. Intraday bias remains bearish till the time pair holds initial resistance at 1.0547 marks. On the top side, a sustained c…
Pair made intraday high at 1.0505 and low at 1.0473 marks.
Intraday bias remains bearish till the time pair holds initial resistance at 1.0547 marks.
On the top side, a sustained close above 1.0547 will drag the parity higher towards 1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
Alternatively, a daily close below 1.0468 will take the parity down towards key supports around 1.0408(June 9, 2016 low), 1.0362 and 1.0231 marks respectively.
Today New Zealand released Wespac consumer sentiment data with negative numbers at 106.00 q/q vs 109.6 q/q previous release.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.
We prefer to take short position in AUD/NZD only below 1.0468, stop loss 1.0547 and target 1.0374 levels.
