AUD/NZD chart on Trading View used for analysis
- AUD/NZD retraces fom session highs at 1.0670, bias higher.
- The pair trades with a bullish bias, Stochs and RSI are sharply higher.
- MACD supports upside, we also see +ve DMI dominance.
- Price action has broken above 50-DMA and is on track to test 110-EMA at 1.0690.
- Break above 110-EMA will propel the pair higher. Scope then for test of 61.8% Fib at 1.08.
- On the flipside, 5-DMA is immediate support at 1.0605. Break below 20-DMA to see further weakness.
Support levels - 1.0605 (5-DMA), 1.0547 (20-DMA)
Resistance levels - 1.0690 (110-EMA), 1.08 (61.8% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
