AUD/NZD fails at neckline, slips below 20-DMA, short rallies

AUD/NZD failed to break above neckline, is extending downside for second consecutive day.

The pair has slipped below major support by 20-DMA at 1.0643.

Technical studies are bearish, RSI and Stochs are biased lower.

We see scope for test of 1.0588 (Oct 21st low), bearish invalidation only above 200-DMA at 1.0709.

Major support levels - 1.0613 (Oct 24 low), 1.0588 (Oct 21st low), 1.0573 (Oct 7 low)

Major resistance levels - 1.0643 (20-DMA), 1.0652 (10-DMA), 1.0658 (5-DMA), 1.0709 (200-DMA)

Good to go short on rallies around 1.0635/40, SL: 1.0660, TP: 1.06/ 1.0585