FxWirePro: AUD/NZD Refrains to fall Below Key Support at 1.0704, Good to Sell on Rallies

FxWirePro: AUD/NZD Refrains to fall Below Key Support at 1.0704, Good to Sell on Rallies

16 May 2016, 08:07
Roberto Jacobs
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FxWirePro: AUD/NZD Refrains to fall Below Key Support at 1.0704, Good to Sell on Rallies

  • AUD/NZD is trading around 1.0762 marks. 
  • Pair made intraday high at 1.0783 and low at 1.0704 marks. 
  • Intraday bias remains bullish till the time pair holds key support at 1.0700 marks. 
  • A daily close below 1.0704 will take the parity down towards 1.0651 and 1.0574 (February 12, 2016 low) marks. 
  • On the other side, a sustained close above 1.0823 will drag the parity higher towards 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.

We prefer to take short position in AUD/NZD around 1.0775, stop loss 1.0823 and target 1.0700/1.0651 marks.

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