FxWirePro: AUD/NZD consolidating break above triangle-top, weakness only below 200-DMA at 1.0902
AUDNZD is consolidating breakout above triangle top, bulls struggling to extend gains higher. The pair is holding above 200-DMA currently at 1.0902, any weakness will be seen only on breaks below. Rising hopes for accomm…
AUDNZD is consolidating breakout above triangle top, bulls struggling to extend gains higher.
The pair is holding above 200-DMA currently at 1.0902, any weakness will be seen only on breaks below.
Rising hopes for accommodative efforts from the ECB and surprise easing by the BoJ are likely to support the high beta currencies.
AUD has scope to rebound further from current levels, while pressure remains on the kiwi with RBNZ easing anticipated.
The pair sees immediate resistance at 1.0968 (Jan 28 highs), while support on the downside lies at 1.0902 (200-DMA) and further below at 1.0876 (61.8% Fib of 1.1086 to 1.0539 fall).
Recommendation: Good to go long on dips around 1.0910/20, SL: 1.0875, TP: 1.0970/1.0990/1.10
