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.