- AUD/NZD in the red for the third consecutive week, bias lower.
- The pair has taken support at 100-DMA at 1.0963, break below to see further weakness.
- Aussie remains under pressure as the series of weak data continue from Australia.
- Data released earlier today showed Australia trade surplus narrowed in October.
- October trade surplus registered at 105M, below expectations at 1375M, while exports dropped 3 percent.
- The pair is trading in a symmetric triangle pattern on weekly charts, and technical indicators support downside.
- RSI biased lower, momentum studies weak, MACD shows bearish crossover on signal line.
Call update: We had advised a short in our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-Trade-Idea-1044188).
Recommendation: Bias lower, stay short below 100-DMA.
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