AUD/NZD breaks below 200 DMA, bears could target 1.0697
AUD/NZD was unable to close above 1.0821 which is 38.2% Fibo of Sep/Nov fall in the previous week. Daily Stochs have turned bearish from overbought levels, RSI is also biased lower.
200 DMA at 1.0763 is a strong resistance point and is pivotal for a rebound in the pair. Close below would then highlight 1.0697 which is 23.6 % Fibo of Sep/Nov fall as a likely next bear target.
Disappointing Chinese trade figures released over the weekend continue to weigh on the Aussie. AUD/NZD hit session lows at 1.0744 before paring some losses to currently trade at 1.0760.
10&20 DMAs at 1.0685 and 1.0690 are strong supports on the downside, while above 200 DMA, 1.0796 (Nov 3rd high) is next hurdle on the upside ahead of 1.0849 (Nov 6th high).
Recommendation: Go short on rallies around 1.0765/70, SL: 1.0825, TP: 1.0700
Resistance Levels:
R1: 1.0796 (Nov 3rd high)
R2: 1.0849 (Nov 6th high)
R3: 1.0878 (55 EMA)
Support Levels:
S1: 1.0690 (20 DMA)
S2: 1.0685 (10 DMA)
S2: 1.0654 (Oct 19th lows)
200 DMA at 1.0763 is a strong resistance point and is pivotal for a rebound in the pair. Close below would then highlight 1.0697 which is 23.6 % Fibo of Sep/Nov fall as a likely next bear target.
Disappointing Chinese trade figures released over the weekend continue to weigh on the Aussie. AUD/NZD hit session lows at 1.0744 before paring some losses to currently trade at 1.0760.
10&20 DMAs at 1.0685 and 1.0690 are strong supports on the downside, while above 200 DMA, 1.0796 (Nov 3rd high) is next hurdle on the upside ahead of 1.0849 (Nov 6th high).
Recommendation: Go short on rallies around 1.0765/70, SL: 1.0825, TP: 1.0700
Resistance Levels:
R1: 1.0796 (Nov 3rd high)
R2: 1.0849 (Nov 6th high)
R3: 1.0878 (55 EMA)
Support Levels:
S1: 1.0690 (20 DMA)
S2: 1.0685 (10 DMA)
S2: 1.0654 (Oct 19th lows)
