AUD/NZD may rise 24 - 34 pips

1.0720 is our pivot point.

Our preference

Rebound towards 1.0770.

Alternative scenario

The downside breakout of 1.0720 would call for 1.0700 and 1.0690.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.0741 and 1.0752).

Supports and resistances

1.0790 **

1.0780 *

1.0770 **

1.0760

1.0736 last

1.0720

1.0720 **

1.0700 *

1.0690 **

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