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.
