FxWirePro: AUD/NZD breaks above 100-DMA, bias higher, good to go long on dips

Technical Analysis:

• AUD/NZD has broken major resistance levels - Major trendline (1.0470) and 100-DMA (1.0485).
• Upside bias builds in the pair, momentum studies are bullish, trend is higher. 
• Next major resistance aligns at 1.0585 (200-DMA). Break above to see extension of bullish bias.
• We see weakness only on break below 20-DMA at 1.0445, test of 1.0328 then likely.

TIME      TREND                    OB/OS INDEX    

1H          Bearish                    Neutral
4H          Bullish                     Overbought
1D          Bullish                     Neutral
1W         Neutral                     Neutral, Bias higher    

Support levels - 1.0530 (session low), 1.05, 1.0496 (5-DMA), 1.0486 (100-DMA)

Resistance levels - 1.5064 (session high), 1.0585 (200-DMA), 1.0612 (Nov 25 high)

Call Update - Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-rejected-at-highs-holds-above-5-DMA-weakness-only-on-break-below-476861) has achieved TP1&2.

Recommendation:

Book partial profits, raise trailing stops to 1.0465, hold for upside.

We also recommend fresh longs on dips around 1.0530/40, SL: 1.0480, TP: 1.0585/ 1.0610/ 1.0655.