- AUD/NZD up 0.81% on the day, spike past key trendline resistance at 1.0515.
- Kiwi dumped on weaker-than expected electronic card retail sales data, while the Aussie found support from solid Australia NAB business conditions data.
- Technical indicators have turned bullish, we see scope for further upside.
- Immediate resistance is seen at 1.0550 (50-DMA) ahead of 200-DMA at 1.06.
- We see bullish invalidation only on retrace below trendline resistance turned support at 1.0515.
Support levels - 1.0523 (23.6% Fib retrace of 1.10188 to 1.03706 fall), 1.0515 (trendline), 1.0457 (5-DMA)
Resistance levels - 1.0550 (50-DMA), 1.0609 (200-DMA), 1.0618 (38.2% Fib)
Recommendation: Good to go long on dips around 1.0525/30, SL: 1.0490, TP: 1.0550/ 1.06/ 1.0620
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 105.55 (Bullish), while Hourly NZD Spot Index was at -77.0167 (Slightly bearish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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