AUD/NZD retraces from 200-DMA, bias lower, stay short
Updated
AUD/NZD provides more bearish conformation, bias lower, stay short.
Technicals clearly bearish, RSI is biased lower, Stochs have confirmed a bearish crossover from overbought levels.
MACD is on the verge of a bearish crossover on signal line.
Major support levels - 1.06, 1.0593 (20-DMA), 1.056 (20-DMA & 38.2% Fib), 1.05 (50% Fib)
Major resistance levels - 1.0678 (5-DMA), 1.07, 1.0712 (200-DMA), 1.0760 (trendline)
Markets await data from China which is expected to show growth rate remained steady in third quarter.
Good to go short on rallies around 1.0640/50, SL: 1.0715, TP: 1.06/ 1.0563/ 1.05
Technicals clearly bearish, RSI is biased lower, Stochs have confirmed a bearish crossover from overbought levels.
MACD is on the verge of a bearish crossover on signal line.
Major support levels - 1.06, 1.0593 (20-DMA), 1.056 (20-DMA & 38.2% Fib), 1.05 (50% Fib)
Major resistance levels - 1.0678 (5-DMA), 1.07, 1.0712 (200-DMA), 1.0760 (trendline)
Markets await data from China which is expected to show growth rate remained steady in third quarter.
Good to go short on rallies around 1.0640/50, SL: 1.0715, TP: 1.06/ 1.0563/ 1.05
Note
TP1 hit. Bias lower. Stay short.
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