- AUD/NZD has shown a decisive breakout above 1.07 handle, raises scope for further upside.
- Technical indicators on weekly and daily charts are highly bullish. Pair on track to test next resistance at 1.0765.
- Violation at key resistance at 1.0765 would place the pair on track for substantial further gains.
- On the flipside, close below 1.07 (major trendline resistance turned support) could see test of 1.0655 (38.2% Fib).
Support levels - 1.07, 1.0696 (5-DMA), 0.0655 (38.2% Fib retrace of 1.1333 to 1.0237 fall)
Resistance levels - 1.0765, 1.0785 (50% Fib), 1.08
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Bullish Neutral
1D Bullish Oversold
1W Bullish Neutral
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-breaks-above-786-Fib-bias-higher-good-to-go-long-on-dips-537717) is approaching final targets.
Recommendation: Hold for upside. Book partial profits at highs. Target 1.0785/ 1.08 on break above 1.0765.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -73.8383(Bearish), while Hourly AUD Spot Index was at -24.5384 (Neutral) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
