FxWirePro: AUD/NZD Fails to Break Key Resistance at 1.0747, Good to Sell on Rallies
- AUD/NZD is trading around 1.0704 marks.
- Pair made intraday high at 1.0718 and low at 1.0694 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 1.0747 marks.
- A daily close below 1.0656 will take the parity down towards key support around 1.0574 (February 12, 2016 low) and 1.0506 marks respectively.
- On the other side, a sustained close above 1.0747 is required to 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 only below 1.0698, stop loss 1.0802 and target 1.0632 levels.