- AUD/NZD is struggling to break above 50-DMA which is stiff resistance at 1.0664.
- The pair remains capped below 50-DMA for 3rd straight session, we see further upside only on break above.
- Technical indicators are biased higher, momentum remains with the bulls.
- RSI and Stochs have rolled over from oversold levels and MACD is showing a bullish crossover on signal line.
- We evidence a bullish 5-DMA crossover on 20-DMA which adds to bullish bias.
- Break above 50-DMA eyes next target at 55-EMA at 1.0681, break above could see test of cloud top at 1.0741.
- On the flipside, break below 5-DMA will see test of 21-EMA support at 1.0607, major weakness likely on retrace below.
Support levels - 1.0624 (5-DMA), 1.0607 (21-EMA), 1.0551 (Apr 17 low)
Resistance levels - 1.0664 (50-DMA), 1.0677 (23.6% Fib), 1.0681 (55-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-struggles-at-20-DMA-good-to-go-long-on-decisive-break-above-1260087) is progressing well.
Recommendation: Hold for targets.
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