Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/NZD strong support at 1.0570 levels, further weakness only on breaks below

Approaches strong support at 1.0570 levels, further weakness can be seen only on breaks below.

  • Daily Stochs are deeply 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.
     
  • Downside seems to have stalled at 0.60 levels (Feb 10th lows and session lows till now), which will be immediate support on the downside ahead of 1.0570 (trendline).
     
  • On the upside immediate resistance is seen at 1.0645 (5-DMA) and then at 1.0687 (Feb 10th highs).
     

Recommendation: Go long on breaks above 5-DMA at 1.0644, SL: 1.0570, TP: 1.0710//1.0745/1.08

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.