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FxWirePro: AUD/NZD eyes 200-DMA at 1.0917, good to buy dips

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

 

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