- AUD/NZD breaks above 20-DMA, raises scope for further upside.
- Aussie bulls shrug-off dismal Australia jobs data, AUD/NZD up 0.38% on the day.
- The pair is extending previous session's spike, technical indicators are biased higher.
- Next bull target lies at 55-EMA at 1.0686, break above could see test of 61.8% Fib at 1.0721.
- Price action is holding above major EMAs on hourly charts. Momentum with the bulls.
- RSI and Stochs have rolled over from oversold levels and MACD is showing a bullish crossover on signal line.
- 20-DMA is strong support at 1.0581, weakness likely on retrace below.
Support levels - 1.06 (5-DMA), 1.0581 (20-DMA), 1.0567 (78.6% Fib), 1.0495 (major trendline)
Resistance levels - 1.6086 (55-EMA), 1.0721 (61.8% Fib), 1.0768 (110-EMA)
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) is approaching TP1.
Recommendation: Bias higher. Hold for targets.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 67.3703 (Neutral), while Hourly NZD Spot Index was at -152.96 (Bearish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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