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FxWirePro: AUD/NZD halts downside, good to stay long on close above 21-EMA

AUD/NZD chart - Trading View 

  • AUD/NZD spiked higher with a bullish gap open, bias higher.
     
  • Aussie buoyed on weekend news that the centre-right government has clung to power in a surprise victory.
     
  • The pair slipped lower after the initial spike, but downside held support at 5-DMA.
     
  • Price action has again edged higher and is currently trading at 1.0586, up 0.5% at 06:30 GMT.
     
  • Technical indicators on intraday charts have turned higher, scope for further gains.
     
  • Close above 21-EMA (1.0574) raises scope for gains till 200-DMA at 1.0646.

Support levels - 1.0556 (5-DMA), 1.0544 (55-EMA), 1.0490 (cloud top)

Resistance levels - 1.06, 1.0646 (200-DMA), 1.0684 (50% Fib)

Recommendation: Good to stay long on close above 21-EMA, SL: 1.0550, TP: 1.06/ 1.0640/ 1.0670

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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