FxWirePro: Watchout for AUD/NZD breaks above 1.0823 for further bullishness

AUD/NZD bears unable to push the pair below 1.0707 (a double bottom tested on 9th and 10th Dec).

• Price action has re-entered hourly cloud and on the day AUD/NZD has been supported by cloud base at 1.0728, daily Stochs are in an oversold zone and will see some unwinding soon. 
   
• A close above the 200-DMA at 1.0823 would be very encouraging, bulls could then take the pair to 1.10 and further above to 1.1260. 
   
• However the prospect of the AUD starting to trend higher are becoming increasingly remote, multi-year lows for oil and iron ore, culminating in 13-yr lows for the broader CRB index, are additional AUD headwinds. 
   
• Breaks below 1.0707 could see the pair test trendline support at 1.0620

Resistance Levels:

R1: 1.0785 (Session high Dec 11)

R2: 1.0823 (200 DMA)

R3: 1.0843 (Dec 10 high)

Support Levels:

S1: 1.0728 (Cloud base)

S2: 1.0707 (double bottom tested on 9th and 10th Dec) 

S3: 1.0620 (trendline support)