AUD/NZD chart - Trading View
AUD/NZD slips below 1.04 handle, trades 0.20% lower on the day at 1.0392 at 05:25 GMT.
Technical indicators are biased lower. RSI is well below 50 mark and biased lower.
Stochs show bearish momentum and volatility is rising as indicated by widening Bollinger Bands.
Price action is below cloud and major moving averages. Upside remains capped at 5-DMA which is sharply lower.
MACD and ADX indicators support downside. Negative DMI dominance seen which adds to further weakness.
Price action has slipped below 61.8% Fib and next support aligns at lower BB (weekly) at 1.0317.
Further weakness will see test of 78.6% Fib at 1.0307. Bearish invalidation only above 200-DMA.
Support levels - 1.0316 (Lower BB), 1.0307 (78.6% Fib), 1.0253 (88.6% Fib)
Resistance levels - 1.0397 (61.8% Fib), 1.0421 (5-DMA), 1.0466 (21-EMA)
Recommendation: Good to go short on upticks, SL: 1.0430, TP: 1.0320/ 1.03
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
