FxWirePro: AUD/NZD rejected at 200-DMA support, good to go long on break above 20-DMA at 1.0960

• AUD/NZD is extending upside for 3rd successive session, trade 0.24% higher on the day.
   
• The pair was rejected at 200-DMA support on Friday's trade. Price action has edged above 5-DMA which is now support at 1.0902.
   
• Upside finds strong resistance at 20-DMA at 1.0960, breakout could see further upside.
   
• Technical studies are turning slightly bullish. Stochs have rolled over from oversold levels and RSI is biased higher.
   
• MACD is on verge of a bullish crossover, if completed successfully will add to the bullish bias.
   
• Break above 20-DMA will raise scope for test of 100-DMA at 1.1011, while close below 5-DMA could drag the pair to test 200-DMA.

Support levels - 1.0901 (5-DMA), 1.0895 (Oct 17 low), 1.0843 (Jan 12 low), 1.0836 (200-DMA)

Resistance levels - 1.0949 (23.6% Fib retrace of 1.1290 to 1.0843 fall), 1.0960 (20-DMA), 1.1014 (38.2% Fib)

Recommendation: Good to go long on break above 20-DMA, SL: 1.09, TP: 1.10/ 1.1050/ 1.11

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 22.9853 (Neutral), while Hourly NZD Spot Index was at 12.4837 (Neutral) at 0740 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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