FxWirePro: AUD/NZD bounces off strong trendline support at 1.0485, good to go long above 1.06

• AUD/NZD has bounced off strong trendline support at 1.0485, we see further weakness only on break below.
   
• The pair is trading in a narrow range, hovers around 78.6% Fib at 1.0567.
   
• Technical indicators are turning bullish, we see scope for further upside.
   
• RSI and Stochs have rolled over from oversold levels and MACD is on verge of bullish crossover on signal line.
   
• 20-DMA at 1.0593 is immediate resistance, breakout above could see further upside.
   
• Focus now on Tuesday's release of the minutes of the Reserve Bank of Australia meetings.
   
• Last week, RBA Governor Phillip Lowe said rates are “unlikely to move anytime soon”.

Support levels - 1.0542 (5-DMA), 1.0485 (major trendline), 1.0475 (88.6% Fib), 1.0412 (June 14 low)

Resistance levels - 1.0593 (20-DMA), 1.06, 1.6080 (50-DMA)

Recommendation: Good to go long on break above 20-DMA at 1.0593, SL: 1.0540, TP: 1.0680/ 1.07/ 1.0720

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 34.5402 (Neutral), while Hourly NZD Spot Index was at -28.6798 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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