• FxWirePro: AUD/NZD eyes channel base at 1.0630, violation there could see further weakness

    Source: FxWire Pro - Technicals / 02 Mar 2018 03:53:24   Eastern Standard Time

    • AUDNZD is extending downside after failure to hold break above 20-DMA, bias lower.
    • The pair is extending downside for 3rd consecutive session, is currently trading at 1.0676 levels, down 0.17% on the day.
    • Technical indicators on intraday charts have turned bearish. We see scope for further weakness on break below channel base.
    • Price action has broken below 1H 200-SMA support raising scope for further weakness.
    • Upside now capped below 1.0764 (21-EMA). Decisive break above could see test of 200-DMA.
    • Violation at 200-DMA could take the pair higher.

    Support levels - 1.0654 (Feb 22 low), 1.0630 (channel base), 1.06

    Resistance levels - 1.0747 (20-DMA), 1.0764 (21-EMA), 1.0847 (200-DMA)

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-fails-to-hold-break-above-20-DMA-good-to-go-short-below-10732-1176859) has hit TP1.

    Recommendation: Bias lower, stay short.

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