AUDNZD edges lower from double top(1.1086), may target 1.0730

FX:AUDNZD   Australian Dollar/New Zealand Dollar
232 0 6
AUD/NZD             has edged lower after hitting double tops at 1.1086 (24th and 25th Nov). Daily RSI rolls over from overbought and the pair dips back into the cloud

AUD weakness prevalent across crosses after poor Australia Capex data. AUD/NZD             pressured lower, hits session lows at 1.0955, minor support at 1.1011 broken, could drop till 1.0730

Rally in metals has helped peg further AUD slide, AUD/NZD             has pared some losses to currently trade at 1.0984, but further downside likely

Daily Stochs also have turned back from overbought levels and show a bearish crossover

Immediate support is seen 1.0980 (10-Day MA), breaks below could take the pair to 1.0945 levels. On the flipside immediate resistance is seen at 1.1026 (cloud base) and further at 1.1086

We find it good to sell rallies around 1.10, Target 1.0730, Stops above 1.1085

Resistance Levels:

R1: 1.1026 (Cloud base)

R2: 1.1066 (Nov 23 high)

R3: 1.1086 ( Double top - Nov 24, 25)

Support Levels:

S1: 1.0980 (10-Day MA)

S2: 1.0946 (23.6 % Fibo of 1.0496-1.1086 rise)

S3: 1.0919 (55-Day MA)
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