Fxwirepro: Aud/nzd Breaks Strong Support at 1.0740, on Track to Test 100-Dma at 1.0627, Stay Short

  • AUD/NZD breaks major trendline support at 1.0740, price action has dipped into daily cloud.
     
  • Aussie hurt by weakness in iron ore prices and bearish RBA minutes while decent result in the GDT index at 3.1% keeps the kiwi supported.
     
  • The pair has broken below major support by 50-DMA at 1.0797 and is on track to test 100-DMA at 1.0627.
     
  • Violation at 100-DMA could see weakness upto 200-DMA at 1.0579.
     
  • Technicals on weekly charts are also heavily bearish, Stochs and RSI are biased lower and MACD is on verge of a bearish crossover.

Call update: Our short call (http://www.econotimes.com/FxWirePro-AUD-NZD-finds-strong-support-at-10740-good-to-go-short-on-break-below-646403) has hit TP1&2.

Recommendation: Bias lower. Hold for downside. Target 1.0630/ 1.0615/ 1.0580

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -102.751 (Bearish), while Hourly NZD Spot Index was at -41.2446 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

The material has been provided by InstaForex Company – www.instaforex.com

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