AUDNZD could test trendline support at 1.0620

FX:AUDNZD   Australian Dollar / New Zealand Dollar
177 0 1
AUD/NZD             in the Asian Session hit session lows at 1.0663, but was rejected there and is at the time of writing trading at 1.0719.

Persistent             NZD weakness supporting AUD/NZD             higher in Asia, New Zealand dollar             in consolidation mode, having bounced 3.2 percent last week.

The pair attempted to pierce daily cloud but unable to extend gains further, bias still lower, the pair is on track to test trend line support at 1.0620.

Undermining sentiment and weighing on the Aussie were concerns about how much Beijing is prepared to allow its currency to fall.

China late on Friday launched a new trade-weighted yuan exchange rate index, saying it was to discourage investors from exclusively tracking the currency's fluctuations against the greenback. Investors wary of the Chinese yuan, given its recent weakness.

Momentum studies edge lower, 5, 10 & 20 DMAs are falling, Tenkan and Kijun show bearish crossover, a negative setup, a close Friday below 1.0710 61.8% of Nov rise targets 1.0620 76.4%.

A close above cloud base at 1.0721 would negate our bearish call, on the other hand breaks below 1.0620 will take the pair lower to 1.05 levels.

Initial support is seen at 1.0682 (Dec 11 lows) and immediate resistance is located at 1.0751 (Oct 22 highs).

We would short rallies in the pair around 1.0730, SL: 1.0785, TP: 1.0620
Trade closed: target reached
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