FxWirePro: Spinning top formation on AUD/NZD, close below 5-DMA could see minor weakness

• AUD/NZD is trading largely unchanged on the day, after hitting 5-month highs at 1.0958 on Wednesday's trade.
   
• Bias on weekly charts is highly bullish, but Spinning-top formation on daily charts raises scope for some consolidation.
   
• Close below 5-DMA support at 1.0884 could see correction upto 1.0780 levels (20-DMA). Violation there could see trend reversal.
   
• RSI on weekly charts is at 61 and biased higher. Stochs and MACD support upside in the pair.
   
• However, oscillators on daily charts are at overbought levels, so some caution advised.

Support levels - 1.0884 (5-DMA), 1.08, 1.0780 (20-DMA)

Resistance levels - 1.0958 (Aug 23rd high), 1.0973 (61.8% Fib of 1.4129 to 1.0237 fall), 1.1018 (Mar 16 high)

Call update: We had advised a long call on the pair (http://www.econotimes.com/FxWirePro-AUD-NZD-breaks-major-resistance-at-10890-bias-higher-stay-long-864875).

Recommendation: Bias higher, stay long on dips.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -93.4325 (Bearish), while Hourly NZD Spot Index was at -176.582 (Bearish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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