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AUD/NZD moving down through the ranks

FXStreet (Guatemala) - AUD/NZD is trading at 1.1000, down -0.60% on the day, having posted a daily high at 1.1089 and low at 1.0998.

AUD/NZD has continued on the offer post the overnight drop that took the pair into highly negative territory. The New Zealand dollar took the greenback for a ride following suit of the Yen that cleaned up profits in long dated long positions at the timing of the release of Japans GDP dire results. Buy the rumor and sell the fact scenario with the Yen hitting 117 before the data and then tumbling and sinking like a stone thereafter.

The significant outcome in the cross was that it broke the 38% fib rising trendline from Sept 22nd and the 100DMA with momentum in fast pace Asian trade. It has now taken out S2 and targets S3 at 1.0989 but with less conviction with less supply. The SMA 200 on the daily chart could offer some strong support at 1.0912 in a continuation as being the catalysts for a run of lower lows earlier in the year and could act as a land mark once again but on the flip side this time around.

AUD/NZD note worthy levels

With spot trading at 1.1001, we can see next resistance ahead at 1.1011 (Daily Classic S2), 1.1014 (Weekly Classic S1), 1.1024, 1.1031 (Hourly 20 EMA) and 1.1033 (Daily 100 SMA). Support below can be found at 1.0998, 1.0989 (Daily Classic S3), 1.0960 (Weekly Classic S2), 1.0912 (Daily 200 SMA) and 1.0886 (Weekly Classic S3).

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