FxWirePro: Kiwi Falls Sharply Against Major Peers, AUD/NZD Back Above 1.07 Marks
- AUD/NZD is trading around 1.0727 marks.
- Pair made intraday high at 1.0734 and low at 1.0672 marks.
- Intraday bias remains neutral till the time pair holds key resistance at 1.0741 marks.
- A daily close below 1.0698 will take the parity down towards key support around 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. Current upward moment is short term trend correction only.
We prefer to take short position in AUD/NZD around 1.0735, stop loss 1.0817 and target 1.0574 levels.