- AUD/NZD has broken out of consolidation, breached 200-DMA resistance at 1.0609, bias still higher.
- The pair is trading 0.1 percent higher on the day, at 1.0660 levels, extending last week’s gains.
- Technical indicators are still biased higher, RSI strong at 65 and biased higher. MACD supports trend higher.
- Bullish RSI divergence and support from MACD should see further upside in the pair.
- Next immediate resistance lies at 1.0679 (weekly 20-DMA), break above could see further upside.
- Test of 61.8% Fib retrace of 1.1018 to 1.0370 fall at 1.0771 then likely.
- On the flipside, break below 200-DMA support at 1.0610 will see downside resumption.
Support levels - 1.0618 (38.2% Fib retrace of 1.10188 to 1.03706 fall), 1.0610 (200-DMA), 1.0603 (5-DMA)
Resistance levels - 1.0680 (Weekly 20-SMA), 1.0687 (100-DMA), 1.07, 1.0771 (61.8% Fib)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-breaks-key-resistance-at-10515-good-to-go-long-on-dips-795869) has hit all targets.
Recommendation: Good to go long above 1.0680, SL: 1.0620, TP: 1.0745/ 1.0770.
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