- AUD/NZD has broken above 20-DMA resistance at 1.0591, intraday bias higher.
- Technical studies are indicative of further upside, scope for test of 200-DMA at 1.0695.
- Momentum studies are bullish, RSI points north and shows strength at 57 levels.
- Stochs are biased higher and MACD is on the verge of a bullish crossover on signal line.
- Bullish invalidation only on a daily close below 20-DMA at 1.0591.
- Major support levels - 1.0591 (20-DMA), 1.0556 (5-DMA), 1.0538 (10-DMA)
- Major resistance levels - 1.0695 (200-DMA), 1.0704 (Nov 1 high), 1.0755 (Nov 14 high)
- At 0925 GMT FxWirePro's Hourly Currency Strength Index stood as follows: AUD: -42.6104(Neutral), NZD: -72.962 (Slightly Bearish)
Recommendation: Good to go long on dips around 1.0620/30, SL: 0.0555/ TP: 1.0695/ 1.0725
