AUD/NZD’s pull back from 1.1043 short term top extends lower today, partly in reaction to disappointment over Australia GDP data. Deeper fall would be seen to 55 day EMA (now at 1.0806) and possibly below. It’s early to tell if the rebound from 0.9994 has completed, and how deeper the decline would be. Bearish divergence condition in daily MACD is a bearish sign. Also, 1.1043 is close to the edge of a long term range. Reaction to 38.2% retracement of 0.9994 to 1.1043 at 1.0642 will be crucial to determine the next move.
