FxWirePro: AUD/NZD Stable Around Fresh 4-Month Low, Good to Sell on Rallies

FxWirePro: AUD/NZD Stable Around Fresh 4-Month Low, Good to Sell on Rallies

• AUD/NZD is trading around 1.0605 marks. 
• Pair made intraday high at 1.0623 and low at 1.0596 marks. 
• Intraday bias remains bearish till the time pair holds immediate resistance at 1.0647/ 1.0739 marks.   
• A daily close below 1.06 will take the parity down towards key support around 1.0574 (February 12, 2016 low) and 1.0506 marks respectively. 
• Alternatively, reversal from key support and a sustained close above 1.0739 will drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively. 
• Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. 
• Today Australia released AIG services index with positive numbers at 51.5 m/m vs 49.7 m/m previous release. It put the indicator in to the expansion territory.
  

We prefer to take short position in AUD/NZD only below 1.0588, stop loss 1.0647 and target 1.0496 levels.

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