AUD/NZD has broken major trendline resistance at 1.0850 in Wednesday's trade, further uptrend prevails.
- Price action is above the daily cloud, major moving averages are positively aligned, RSI strength is seen at 64 and has scope to run.
- Daily Stochs are at oversold, so caution advised, any rollover from oversold should be considered for exit from long trades.
- Immediate support is seen at 1.0860 (61.8% Fib 1.1087-1.0496 fall), while resistance on the upside is located at 1.0950 (Dec 8th highs) and then at 1.0960(78.6% Fib of 1.1087-1.0496 fall).
Recommendation: We find it good to go long on dips around 1.0930, SL: 1.0860, TP: 1.0980/1.10/1.1050
