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