AUD/NZD shows weakness
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Trade idea
SELL 1.0540; TP1 1.0495; TP2 1.0395; SL 1.0560
AUD/NZD is declining for the third week in a row. It’s happening as the AUD is pressured by the weak Australian data, while New Zealand is releasing more decent figures. The pair has reached the support of 1.0560/50 (50% Fibo retracement of the August-November advance, 200-day MA and 50-week MA). The decline below this support will open the way down to 1.0495 (61.8% Fibo) and 1.0395 (78.6% Fibo). Resistance lies at 1.0590 and 1.0625 (100-day MA).
The speech of the RBNZ Governor Orr early on Wednesday may bring volatility to the pair’s trading.
