- AUD/NZD closes below trendline support at 1.0582 in Monday’s trade, a fresh 1.0571 trend low recorded
- The pair broke below its short term consolidation phase on Monday, 5, 10 & 20 DMAs trend south – negative setup
- Current bearish setup targets a test of the 1.0497 October trend low, with immediate support at 1.0530 (Nov 3 lows) and resistance at 1.0582 (Oct 30 high)
Recommendation: Sell rallies around 1.0580, SL: 1.0620, TP: 1.05Resistance Levels:1.0582 (Oct 30 high)1.0607 (50 DMA)1.0619 (10 DMA)Support Levels: 1.0530 (Nov 3 lows)1.0520 (Nov 2 lows)1.0497 (Oct 30 lows)
The material has been provided by InstaForex Company – www.instaforex.com