FxWirePro: AUD/NZD Stable Around Fresh 4-Month Low, Good to Sell on Rallies
- AUD/NZD is trading around 1.0605 marks.
- Pair made intraday high at 1.0623 and low at 1.0596 marks.
- Intraday bias remains bearish till the time pair holds immediate resistance at 1.0647/ 1.0739 marks.
- A daily close below 1.06 will take the parity down towards key support around 1.0574 (February 12, 2016 low) and 1.0506 marks respectively.
- Alternatively, reversal from key support and a sustained close above 1.0739 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 in a daily chart.
- Today Australia released AIG services index with positive numbers at 51.5 m/m vs 49.7 m/m previous release. It put the indicator in to the expansion territory.
We prefer to take short position in AUD/NZD only below 1.0588, stop loss 1.0647 and target 1.0496 levels.