AUD/NZD way below DMAs, wait for rallies for fresh shorts

FX:AUDNZD   Australian Dollar / New Zealand Dollar
102 0 7
Break below support at 1.0705 could be dodgy, See more bearish potential on break below 1.0705 levels.

After rejecting resistance from 1.1243 levels, the pair has broken major supports at 1.1050 and 1.0957 levels with ease.

As a result, the prices have slid below DMAs and they are slipping through 7DMA.

7DMA crosses way below 21DMA which is interpreted as no signs of immediate recoveries, instead expect either sideways or drift below.

Leading oscillators are indicative of momentum in bear rallies.

Daily RSI is converging clearly to the declining prices approaching near oversold region, while slow stochastic curves have reached oversold region and still no signs of recoveries.

Lagging indicators are also substantiating the same view.

MACD evidences bearish crossover and has just entered into zero level which is again a bears’ zone.

Same is the case on monthly plotting, we see no deviation from daily analysis , major trend is moving in sideways to slightly weaker.

Trade Tips:

Taking above technical reasoning into consideration, it is good to buy at every dip and bring in leveraging effect using 'One touch binary puts' with OTM strikes for a minimum targets of 30-35 pips.

The payoffs of touch option has been conditional, if AUDNZD             in this case would touch the OTM strike price within any time period by the time of expiration, if the trader predicts correctly and the spot FX touches the strike price then option expires "in the money". This is likely to generate an exponentially returns to the binary option investor.
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