FxWirePro: AUD/NZD Falls Below Key Support at 1.0705, Intraday Bias Remains Bearish

FxWirePro: AUD/NZD Falls Below Key Support at 1.0705, Intraday Bias Remains Bearish

20 May 2016, 07:02
Roberto Jacobs
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FxWirePro: AUD/NZD Falls Below Key Support at 1.0705, Intraday Bias Remains Bearish

  • AUD/NZD is trading around 1.0681 marks. 
  • Pair made intraday high at 1.0722 and low at 1.0679 marks. 
  • Intraday bias remains bearish for the moment. 
  • A daily close below 1.0700 will take the parity down towards 1.0651 and 1.0574 (February 12, 2016 low) marks. 
  • On the other side, a sustained close above 1.0733 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.

We prefer to take short position in AUD/NZD around 1.0700, stop loss 1.0783 and target 1.0574 levels.

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