FxWirePro: AUD/NZD trades in a tight range, negative setup intact

Overnight rebound in crude supported  commodity currencies such as the Australian dollar on Wednesday.

• AUD/NZD trades a tight Asian range - opened the Asian session +0.2% at 1.0614, after a fresh 1.0568 low in London yesterday.
   
• 5, 10 & 20 DMAs trend south - bias definitely lower, current bearish setup could see a test of the 1.0497 October trend low.
   
• The pair is currently trading at 1.0615, immediate resistance is located at 1.0620 (Trendline)and support at 1.0582 (Dec 22 low).
   
• Stochs remain in oversold territory, so caution advised. RSI on dailies has also bounced-off 30 levels and is currently at 37 and points north.
   
• A close above 1.0620 would invalidate the bearish bias, rebounds to 1.0680 then likely.

Resistance Levels:

R1: 1.0620 (Trendline)

R2: 1.0630 (10 DMA)

R3: 1.0636 (Dec 22 high) 

Support Levels: 

S1: 1.0530 (Nov 3 lows)

S2: 1.0520 (Nov 2 lows)

S3: 1.0497 (Oct 30 lows)