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FxWirePro: AUD/NZD bounces off strong trendline support, 20-DMA breakout could see further upside

  • AUD/NZD bounces off strong trendline support with hammer formation.
     
  • Price action currently hovers around 20-DMA, decisive break above could see further upside.
     
  • Technical indicators are turning slightly bullish. Stochs are biased higher and 5-DMA is turning.
     
  • Breakout above 20-DMA raises scope for test of 200-DMA at 1.0852. Breach at 200-DMA could accentuate gains.
     
  • On the flipside, the pair finds strong trendline support at 1.0665, break below will see further weakness.

Support levels - 1.0734 (5-DMA), 1.0665 (trendline), 1.0654 (Feb 22 low), 1.0630 (channel base), 1.06

Resistance levels - 1.0737 (20-DMA), 1.08, 1.0852 (200-DMA)

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December 14 15:00 UTC Released

USUS Retail Invty Ex Auto (R)

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0.7 %

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0.7 %

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January 22 19:00 UTC 469764469764m

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-1541 %

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2016 bln ARS

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January 31 00:00 UTC 457944457944m

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Bln AR bln ARS

January 31 00:00 UTC 457944457944m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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