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5-DMA caps gains in AUD/NZD, bias remains lower

Short
FX:AUDNZD   Australian Dollar / New Zealand Dollar
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3
AUD/NZD price action ranges within the cloud, the pair has edged lower after hitting double tops at 1.1086 (24th and 25th Nov), daily Stochs have rolled over from overbought

The pair was only marginally higher after strong Australia GDP data, hit session highs at 1.0992, but was rejected at highs and is currently trading around 1.0967 levels

Upside in the pair has been capped by 5 DMA (currently at 1.0978) since Nov 26th, long upper wicks on candles also highlights selling pressure on the upside

Not much chart support seen on the downside. We are looking for retreats upto 1.0860 (38.2% Fibo of 1.0496-1.1086 rise)

Resistance Levels:

R1: 1.0978 (5 DMA)

R2: 1.0992 (Dec 1 highs)

R3: 1.1014 (Nov 18 highs)

Support Levels:

S1: 1.0946 ((23.6 % Fibo of 1.0496-1.1086 rise)

S2: 1.0924 (Dec 1 low)

S3: 1.0919 (21-Day MA)

Comments

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