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FxWirePro: AUD/NZD breaks above 5-DMA, 'Morning Star' pattern raises scope for upside

AUD/NZD chart - Trading View 

Technical Analysis: Bias turning Bullish

- AUD/NZD was trading 0.36% higher on the day at 1.0342 at around 14:50 GMT

- The pair has paused downside with a Dragonfly Doji formation on Thursday's candle

- A potential 'Morning Star' pattern on the daily charts raises scope for upside

- RSI is showing a rollover from oversold levels indicating downside momentum is fading

- Price action has broken above 5-DMA and MACD is on verge of bullish crossover on signal line

Support levels - 1.0320 (5-DMA), 1.0289 (Lower BB)

Resistance levels - 1.0345 (200H MA), 1.0380 (21-EMA)

Summary: AUD/NZD is showing signs of minor reversal. The pair is testing 200H MA resistance. Decisive break above will see gains till 21-EMA at 1.0380.

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