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AUD/NZD has taken rising trendline support at 1.0570 levels and edged higher on the day.
- Daily Stochs have shown a bullish crossover in oversold territory, while RSI has turned higher after dipping below 40 levels.
- MACD indicator shows bearish momentum is fading, a crossover of the MACD line over signal line should be further confirmation.
- Rising trendline support at 1.0570 levels is strong support on the downside, while on the upside immediate resistance is located at 1.0662 (Feb 11th High).
- The pair has broken above 5-DMA at 1.0634 which was capping upside, we could now see gains upto 1.07 and further upside could see 1.08 levels.
Recommendation: Go long on dips around 1.0640, SL: 1.0560, TP: 1.070//1.0745
