Aussie dollar has been absolutely vulnerable against Kiwi dollar owing to RBNZ’s decision which has remained unchanged, OCR at 2.25%.
Both & leading oscillators are supportive to the prevailing blood bath in this pair.
has been consistently ensuring the momentum in selling as and when prices jump above, the convergence to these effects that signal the strength in these selling sentiments in the spot.
While, on the other hand also evidences the %D crossover but has been little indecisive.
Today the pair has cleared almost all important supports to signify the intensity in the .
On a broader perspective, the major trend that has lasted in sideways, has now drifted into declining trend, current prices have collapsed below EMAs.
While we could also observe 7EMA crossing below 21EMA which is the signal for bear trend continuation.
As a result, we could see current prices have slid below 7DMA.
Both leading indicators have been substantiating the above stance.
Most importantly, massive volumes are in conformity to the dipping prices
on both daily and monthly have remained below zero levels which is a trajectory.
Hence, at spot ref: 1.0464 levels one can wait for fresh shorts in mid-month for targets of 80-100 pips southwards with a stiff resistance at 1.0568 levels.
Alternatively, on speculative grounds, aggressive bears can option tunnels which is a binary version of bear put spreads for an intraday trading.