FxWirePro: AUD/NZD trades in narrow range above 100-DMA, break below to see further weakness

• AUD/NZD range-bound above 100-DMA at 1.0966, break below to see further weakness.
   
• Upbeat China trade balance supports the antipodeans. China trade balance USD came in at $40.21B, above forecasts ($35B) in November.
   
• AUD/NZD in the red for the third consecutive week, bias lower. Break below 20W SMA at 1.0969 to see further weakness.
   
• 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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