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[QUOTE="titanfx, post: 90253, member: 33464"]
[B][I]AUDNZD - Next Leg Lower Underway? [/I][/B]

[B]Key Highlights[/B]

·  Aussie Dollar looks like struggling against the New Zealand Dollar, and might continue to trade lower.

·  1.0970 holds the key for more losses, as a break below it might call for more downsides.

·  Australian Building Permits released by the Australian Bureau of Statistics declined by 6.9% in August 2015, compared with the forecast of a 2% decline.

[B]AUDNZD Technical Analysis[/B]

The Australian Dollar recently traded lower against the New Zealand Dollar and also managed to break the 1.10 support area to trade near 1.0966. However, buyers appeared around the stated level and pushed the AUDNZD pair higher.

[IMG]http://s4.postimg.org/8mxznrk6l/AUDNZD_09_30_2015.png[/IMG]

Currently, there is a bearish trend line formed on the hourly chart of the AUDNZD pair, which is acting as a hurdle for the pair. Moreover, 61.8% Fib retracement level of the last move from the 1.1058 high to 1.0966 low is also positioned around the highlighted trend line and resistance area.

Overall, there is a major resistance formed around 1.1025, and as long as the pair is below the stated level more losses are possible. A break above the highlighted resistance might open the doors for more gains in the near term.
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