AUD/NZD major support 1.0845, break below to target 1.0754
AUD/NZD down 0.22 percent on the day in the Asian session, and is firmly in bearish territory on the near term charts.
Aussie dented against major peers on Australia retail sales miss. Australia’s Feb retail sales m/m fell to -0.1 % (forecast 0.3 %) vs previous 0.4 %.
The pair failed to hold break above 20-DMA on Friday's trade.
Upside on the day remains capped below 20-DMA and the pair has broken below 5-DMA.
We see major support at 1.0845 (trendline), weakness likely to accentuate on break below.
Break below 1.0845 could see drag till 1.0754 (38.2% Fib retrace of 1.0326 to 1.1018 rally).
Bearish invalidation only on close above 20-DMA.
Support levels - 1.0845 (trendline), 1.0792 (Mar 27 lows), 1.0754 (38.2% Fib retrace of 1.0326 to 1.1018 rally), 1.0713 (50-DMA)
Resistance levels - 1.0890 (5-DMA), 1.0902 (20-DMA), 1.0966 (Mar31 high), 1.10 (trendline), 1.1018 (March 16 high)
Good to go short on break below 1.0845, SL: 1.09, TP: 1.08/ 1.0755/ 1.0715
Aussie dented against major peers on Australia retail sales miss. Australia’s Feb retail sales m/m fell to -0.1 % (forecast 0.3 %) vs previous 0.4 %.
The pair failed to hold break above 20-DMA on Friday's trade.
Upside on the day remains capped below 20-DMA and the pair has broken below 5-DMA.
We see major support at 1.0845 (trendline), weakness likely to accentuate on break below.
Break below 1.0845 could see drag till 1.0754 (38.2% Fib retrace of 1.0326 to 1.1018 rally).
Bearish invalidation only on close above 20-DMA.
Support levels - 1.0845 (trendline), 1.0792 (Mar 27 lows), 1.0754 (38.2% Fib retrace of 1.0326 to 1.1018 rally), 1.0713 (50-DMA)
Resistance levels - 1.0890 (5-DMA), 1.0902 (20-DMA), 1.0966 (Mar31 high), 1.10 (trendline), 1.1018 (March 16 high)
Good to go short on break below 1.0845, SL: 1.09, TP: 1.08/ 1.0755/ 1.0715