AUD/NZD extends upside to close above daily cloud in yesterday's trade, cloud now offers strong support on the downside.
- Daily charts show a bullish 5 and 10 day moving average crossover, and momentum is with the bulls.
- RBNZ expectations survey and poor GDT auction which was better than implied by NZX futures, but still negative weighs on NZD, supporting the pair higher.
- 1.0792 (daily cloud top) is immediate support on the downside ahead of 5-DMA at 1.0723.
- 1.0830-40 is strong resistance zone for the pair, break above could find next resistance at 1.0874 (Feb 16th high).
Recommendation: Good to buy dips around 1.0780, SL: 1.07, TP: 1.0870,1.09
