Fxwirepro: Aud/nzd Ends Short Term Consolidation Phase, Negative Setup to Target 1.0497

  • AUD/NZD closes below trendline support at 1.0582 in Monday’s trade, a fresh 1.0571 trend low recorded
  • The pair broke below its short term consolidation phase on Monday,  5, 10 & 20 DMAs trend south – negative setup
  • Current bearish setup targets a test of the 1.0497 October trend low, with immediate support at 1.0530 (Nov 3 lows) and resistance at 1.0582 (Oct 30 high)

Recommendation: Sell rallies around 1.0580, SL: 1.0620, TP: 1.05Resistance Levels:1.0582 (Oct 30 high)1.0607 (50 DMA)1.0619 (10 DMA)Support Levels: 1.0530 (Nov 3 lows)1.0520 (Nov 2 lows)1.0497 (Oct 30 lows)

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

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