FxWirePro: AUD/NZD resumes weakness after rejection at 21-EMA, stay short

AUD/NZD chart on Trading View used for analysis

• AUD/NZD is trading 0.16% lower at 1.0412 at 0845 GMT, bias bearish.
   
• The pair is extending previous session's slump, scope for further downside.
   
• Price action is below major moving averages and is hovering at cloud base.
   
• Technical indicators are biased lower and we see scope for test of major trendline support at 1.0325. 
   
• RSI is below 50 and bias is lower, we see -ve DMI dominance which adds to the bearish bias. Violation at 1.0325 could see further weakness.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-hits-new-6-week-lows-at-10396-bias-bearish-1497283) has hit TP1.

Recommendation: Bias still bearish, stay short for further weakness.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.