- AUD/NZD has broken above 50-DMA resistance at 1.0660, bias higher.
- Price is consolidating above 23.6% Fib at 1.0677, scope for more upside in the pair.
- Technical studies are biased higher. RSI shows strength above 60 levels and Stochs are biased higher.
- We see +ve DMI dominance and MACD is in support of the trend higher.
- Next major resistance on the upside lies at 1.0794 (converged 100-DMA & 38.2% Fib).
- Break below 50-DMA at 1.0660 to see minor weakness. Bullish invalidation only on break below 20-DMA at 1.0589.
Support levels - 1.0660 (50-DMA), 1.0589 (20-DMA), 1.05
Resistance levels - 1.0691 (100W SMA), 1.0762 (Mar 23 high), 1.0794 (converged 100-DMA & 38.2% Fib)
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) has hit TP1.
Recommendation: Book partial profits at highs. Trail SL to 1.0650. Hold for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -77.1633 (Neutral), while Hourly NZD Spot Index was at -170.355 (Bearish) at 0840 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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