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Watchout for AUD/NZD close below 1.0936 for further bearishness

FX:AUDNZD   Australian Dollar/New Zealand Dollar
123 0 4
a year ago
AUD/NZD             trades in a neutral setup - 21 DMA at 1.0936 is pivotal support, close below could expose 1.0860 (32.8 % Fibo 1.0496-1.1086 rise).

Upbeat Australia retail sales which increased 0.5% m/m in Oct             , marginally higher than previous month had little impact.

Longer upper wicks seen on daily candles raise concerns for upside. The pair is back below the 10 & 100-DMAs and the cloud top is falling.

Daily Stochs and RSI are also biased lower, bearish 5 & 10 DMA cross - suggests consolidation, 1.0936 (21 DMA) and 1.0973 (cloud top) are initial support/resistance.

We would go short AUD/NZD             on close below 1.0936, SL: 1.0980, TP: 1.0860

Resistance Levels:

R1: 1.0973 (cloud top)

R2: 1.1000 (100-Day MA)

R3: 1.1010 (10-Day MA)

Support Levels:

S1: 1.0936 (21-Day MA)

S2: 1.0924 (Session low Dec 1)

S3: 1.0860 (32.8 % Fibo 1.0496-1.1086 rise)
a year ago
Trade closed: target reached
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