FxWirePro: AUD/NZD struggles at 100-DMA, bias lower

• AUD/NZD bounced off major trendline support at 1.0420 on Monday's trade.
   
• The pair re-took 50-DMA currently at 1.0505, but upside lacks traction.
   
• 5&20-day moving averages are biased lower, we see further downside in the pair.
   
• Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-rejected-at-highs-slips-below-50-DMA-good-to-sell-rallies-384666) has achieved TP 1&2.
   
• US elections and RBNZ decision remain the two major catalysts for further direction.
   
• Major support levels - 1.0492 (5-DMA), 1.0463 (Nov 3 low), 1.0444 (Sept 23 low), 1.0450 (trendline)
   
• Major resistance levels - 1.0519 (100-DMA), 1.0540 (Double to Aug 2 & Sept 30), 1.0548 (June 15 high)
   

Recommendation: Book partial profits, stay short for targets, bearish invalidation on breakout above 100-DMA.

Decisive breakout below trendline at 1.0450 could see test of 1.03 levels.