- AUD/NZD breaks major trendline resistance at 1.0825, intraday bias higher.
- The pair hits fresh 3-month highs at 1.0859, scope for further upside on bullish momentum.
- Technical indicators are biased higher. Bullish divergence adds to upside bias.
- Break at 1.0825 has raised scope for test of 200-DMA at 1.0878. Violation there to see next resistance at 61.8% Fib at 1.0983.
- On the downside we see immediate support at 5-DMA at 0.0773, break below we see 110-EMA at 1.0754. Break below 110-EMA will see major weakness.
- The week ahead brings Australian employment figures, RBA meeting minutes and NZ annual budget which could impact the pair.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-finds-major-resistance-at-10830-good-to-go-long-on-break-above-1306773) is progressing well.
Recommendation: Bias higher, stay long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 59.3423 (Neutral), while Hourly NZD Spot Index was at -151.678 (Bearish) at 0615 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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