AUD/NZD may fall 38 - 48 pips

1.0900 is our pivot point.

Our preference

Under pressure below 1.0900.

Alternative scenario

The upside breakout of 1.0900, would call for 1.0930 and 1.0950.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.0882 and 1.0880).

Supports and resistances

1.0950 **

1.0930 *

1.0900 **

1.0890

1.0878 last

1.0840

1.0830 **

1.0810 *

1.0790 **

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