AUD/NZD may fall 32 - 42 pips

Our pivot point is at 1.1050.

Our preference

The downside prevails as long as 1.1050 is resistance.

Alternative scenario

Above 1.1050, look for 1.1070 and 1.1080.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.1041 and 1.1045). Finally, the AUD/NZD is trading below its lower Bollinger band (standing at 1.1032).

Supports and resistances

1.1080 **

1.1070 *

1.1050 **

1.1040

1.1032 last

1.1000

1.0990 **

1.0980 *

1.0960 **

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