AUD/NZD may fall 29 - 39 pips

Our pivot point is at 1.0940.

Our preference

The downside prevails as long as 1.0940 is resistance.

Alternative scenario

Above 1.0940, look for 1.0960 and 1.0970.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.0940 and 1.0936). Finally, the AUD/NZD has penetrated its lower Bollinger band (1.0922).

Supports and resistances

1.0970 **

1.0960 *

1.0940 **

1.0930

1.0919 last

1.0890

1.0880 **

1.0870 *

1.0860 **

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