FxWirePro: AUD/NZD takes support at 100-DMA (1.0963), break below to see further weakness

• AUD/NZD in the red for the third consecutive week, bias lower.
   
• The pair has taken support at 100-DMA at 1.0963, break below to see further weakness.
   
• Aussie remains under pressure as the series of weak data continue from Australia.
   
• Data released earlier today showed Australia trade surplus narrowed in October.
   
• October trade surplus registered at 105M, below expectations at 1375M, while exports dropped 3 percent.
   
• The pair is trading in a symmetric triangle pattern on weekly charts, and technical indicators support downside.
   
• RSI biased lower, momentum studies weak, MACD shows bearish crossover on signal line.

Call update: We had advised a short in our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-Trade-Idea-1044188).

Recommendation: Bias lower, stay short below 100-DMA.

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