FxWirePro: Cloud caps upside in AUD/NZD, good to go long on break above

• AUD/NZD has closed above 54-EMA resistance at 1.0681 on Wednesday's trade, bias higher.
   
• Upside finds stiff resistance at daily cloud base at 1.0725, we see further upside only on break above.
   
• Price is consolidating above 23.6% Fib at 1.0677, technical studies keeps scope for more upside in the pair.
   
• RSI shows strength above 60 levels and Stochs are biased higher. We see +ve DMI dominance and MACD is in support of the trend higher.
   
• Break above cloud base finds next major resistance at 1.0758 (110-EMA) ahead of 38.2% Fib at 1.0794.
   
• On the downside, retrace below 50-DMA at 1.0682 to see minor weakness. Bullish invalidation only on break below 20-DMA.

Support levels - 1.0682 (55-EMA), 1.0672 (5-DMA), 1.0595 (20-DMA), 1.05

Resistance levels - 1.0759 (converged 110-EMA & 200W SMA), 1.0784 (20W SMA), 1.0794 (38.2% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-struggles-at-20-DMA-good-to-go-long-on-decisive-break-above-1260087) has hit all targets.

Recommendation: Watch for breakout at daily cloud base to go long, target 1.0760/ 1.0785.

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