- AUD/NZD extends grind higher, breaks above 20-DMA at 1.0756, bias higher.
- The pair is extending upside for 5th consecutive session and we see scope for further gains.
- Technical studies have turned bullish with bullish MACD line crossover on signal line.
- Stochs have turned higher and RSI is pointing north with scope for further upside.
- Price action has bounced off channel base support in last week's trade. Breakout at 20-DMA raises scope for test of 200-DMA at 1.0847.
- On the flipside, 5-DMA at 1.0743 is immediate support. Break below will see some weakness.
Support levels - 1.0765 (20-DMA), 1.0743 (5-DMA), 1.0654 (Feb 22 low), 1.0567 (78.6% Fib retrace of 1.0370 to 1.1290 rally)
Resistance levels - 1.0847 (200-DMA), 1.0894 (110-EMA), 1.0936 (cloud base)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-struggles-at-21-EMA-breakout-targets-200-DMA-at-10846-1170729) is progressing well.
Recommendation: Hold for targets.
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