FxWirePro: AUD/NZD 'Double Bottom' and 'Bullish Divergence' raise scope for upside

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.