FxWirePro: AUD/NZD remains well supported below 1.07, good to sell on rallies
AUD/NZD is trading around 1.0672 marks. Pair made intraday high at 1.0685 and low at 1.0658 marks. Intraday bias remains bearish till the time pair holds key resistance at 1.0733 marks. A daily close below 1.0658 will ta…
Pair made intraday high at 1.0685 and low at 1.0658 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1.0733 marks.
A daily close below 1.0658 will take the parity down towards key support around 1.0574 (February 12, 2016 low) marks.
On the other side, a sustained close above 1.0733 will drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms bearish trend.
We prefer to take short position in AUD/NZD around 1.0680, stop loss 1.0783 and target 1.0574 levels.
