AUD/NZD may fall 34 - 44 pips

Our pivot point is at 1.1040.

Our preference

The downside prevails as long as 1.1040 is resistance.

Alternative scenario

The upside breakout of 1.1040, would call for 1.1070 and 1.1080.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.1035 and 1.1028).

Supports and resistances

1.1080 **

1.1070 *

1.1040 **

1.1040

1.1024 last

1.0990

1.0980 **

1.0970 *

1.0950 **

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