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AUD/NZD chart on Trading View used for analysis
- AUD/NZD is trading in a narrow range as we head into Tuesday's RBA policy meeting.
- The RBA is likely to re-iterate its slightly dovish message, which could trigger fresh selling in the pair.
- The pair remains capped at daily cloud which offers stiff resistance. Break above to see further upside.
- Technical indicators are neutral on the daily charts. RBA policy meeting and the following statement in focus for direction.
- The pair finds strong support at 1.0370 (Double Bottom), any weakness only on break below.
- We also evidnce slight bullish divergence on Stochastics on daily charts which keeps scope for upside.
Support levels - 1.0370 (double bottom). 1.0326 (Jan 2017 low)
Resistance levels - 1.0415 (5-DMA), 1.0440 (20-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
