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Short

AUD/NZD breaks below 200-DMA, good to sell rallies

FX:AUDNZD   Australian Dollar / New Zealand Dollar
214 0 3
AUD/NZD             edges lower after being rejected by trendline resistance at 1.0970, currently trades at 1.0850.

The pair slipped and closed below 200-DMA (currently at 1.0905) in Monday's trade raising scope for further downside.

200-DMA at 1.0905 now flips to resistance, bearish invalidation on breaks above.

Supports on downside lie at 1.0824 (10-DMA), 1.0792 (cloud-top), 1.0752 (Jan 26 lows).

Daily Techs are biased lower, Stochs show a bearish crossover from overbought levels, while RSI also points south.

We would sell rallies around 1.0850/60, SL: 1.0910, TP: 1.0790/50
Trade active: Book partial profits, lower trailing stops to 1.0810, TP: 1.0710/1.0690/1.0640
Trade closed: target reached
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