AUD/NZD may fall 29 - 39 pips

Our pivot point stands at 1.0970.

Our preference

The downside prevails as long as 1.0970 is resistance.

Alternative scenario

Above 1.0970, look for 1.0990 and 1.1000.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.0975 and 1.0980). Finally, the AUD/NZD is trading below its lower Bollinger band (standing at 1.0951).

Supports and resistances

1.1000 **

1.0990 *

1.0970 **

1.0960

1.0949 last

1.0920

1.0910 **

1.0900 *

1.0890 **

Number of asterisks represents the strength of support and resistance levels.