- AUD/NZD has shown a decisive break above major trendline resistance at 1.1140.
- We now see scope for further upside in the pair, 1.4920 levels in sight.
- Technical indicators on weekly charts are bullish, RSI and Stochs are biased higher.
- The pair has broken above 78.6% Fib retracement of 1.1429 to 1.0237 fall at 1.1173.
- Upside now finds next immediate resistance at 1.2931 (88.6% Fib) ahead of 1.1333 (Mar 2017 high).
- On the flipside, we see weakness only on break below 5-DMA at 1.1109.
Support levels - 1.1109 (5-DMA), 1.0982 (20-DMA), 1.0972 (50-DMA)
Resistance levels - 1.1293 (88.6% Fib retracement of 1.1429 to 1.0237 fall), 1.13, 1.1333 (Mar 2017 high)
Recommendation: Good to go long on dips around 1.1175/1.12, SL: 1.11, TP: 1.1290/ 1.1330/ 1.14
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