FxWirePro: AUD/NZD breaks above 20-DMA, on track to test 100-DMA at 1.1012

• AUD/NZD is extending break above 20-DMA, eyes 100-DMA at 1.1012.
   
• The pair was rejected at 200-DMA support and is extending upside for 4th consecutive session. 
   
• Price action has edged above 5-DMA which is now support at 1.0902.
   
• Upside now capped at daily Ichimoku cloud at 1.0995, breakout will see further upside.
   
• Technical studies are turning bullish. Stochs and RSI are biased higher and MACD is on verge of a bullish crossover.
   
• We also see +ve DMI crossover on -ve DMI which adds to bullish bias.
   
• Scope now for test of 61.8% Fib at 1.1119, while close below 5-DMA could drag the pair lower to re-test 200-DMA.

Support levels - 1.0960 (20-DMA), 1.0922 (5-DMA), 1.0895 (Oct 17 low), 1.0843 (Jan 12 low), 1.0837 (200-DMA)

Resistance levels - 1.0995 (daily cloud), 1.1014 (38.2% Fib retrace of 1.1290 to 1.0843 fall), 1.1060 (cloud top), 1.1119 (61.8% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-rejected-at-200-DMA-support-good-to-go-long-on-break-above-20-DMA-at-10960-1098144) has hit TP1.

Recommendation: Bias higher, stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -5.8667 (Neutral), while Hourly NZD Spot Index was at -76.7632 (Slightly bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest