- AUD/NZD is extending consolidation below 200-DMA at 1.0609 levels. Bias still higher.
- The pair is trading 0.21 percent higher on the day, at 1.0580 levels.
- Technical indicators are still biased higher, RSI biased higher, holds above 50 level.
- Downside is holding above 5-DMA support at 1.0547, we see weakness on break below.
- We see upside in the pair intact as long as pair holds break above key 1.05 levels.
- Bullish RSI divergence and support from MACD should see further upside in the pair.
- Break above 200-DMA will see next immediate resistance at 100-DMA at 1.0688.
- On the flipside, break below trendline resistance turned support at 1.0490 will see downside resumption.
Support levels - 1.0547 (5-DMA), 1.0523 (23.6% Fib retrace of 1.10188 to 1.03706 fall), 1.0490 (trendline)
Resistance levels - 1.0609 (200-DMA), 1.0618 (38.2% Fib), 1.0688 (100-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-breaks-key-resistance-at-10515-good-to-go-long-on-dips-795869) has almost hit TP2.
Recommendation: Watch out for break above 200-DMA. Hold for upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 141.522 (Bullish), while Hourly NZD Spot Index was at 41.0822 (Neutral) at 0550 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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