- AUD/NZD is extending range trade at major trendline resistance at 1.1155, intraday bias is neutral.
- We expect some consolidation at current levels before further gains.
- The pair is trading in a rising wedge pattern and Doji formation on weekly candle raises scope for downside.
- RSI is showing slight turn from near overbought levels and Stochs are at overbought.
- 1H 200-SMA is immediate strong support on the downside and breach there could see extension of downside upto 20-DMA at 1.0960.
- We see upside only on break above major trendline resistance at 1.1155. Next major resistance above 1.1155 lies at 1.1173 (78.6% Fib retrace of 1.1429 to 1.0237 fall).
- Monthly charts also support upside. Price action has broken into cloud and momentum indicators support upside.
Support levels - 1.1058 (1H 200-SMA), 1.0973 (61.8% Fib of 1.4129 to 1.0237 fall), 1.0960 (20-DMA)
Resistance levels - 1.11, 1.1155 (trendline), 1.1175 (78.6% Fib retrace of 1.1429 to 1.0237 fall), 1.12
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 60.1963 (Neutral), while Hourly NZD Spot Index was at -45.421 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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