- AUD/NZD bounces off 20-DMA support at 1.0626 on Tuesday's trade.
- The pair is up 1.03% on the day till now after Aussie was buoyed by upbeat data.
- Australia Q4 GDP Q/Q increase to 1.1%, beating forecast for 0.7% rise vs previous -0.5%.
- China's manufacturing activity gained momentum in February, Caixin manufacturing PMI rose to 51.7 last month from 51.0 in January.
- The pair finds major trendline resistance at 1.075, break above to see further upside.
Support levels - 1.0678 (5-DMA), 1.0626 (20-DMA), 1.0616 (Feb 28 low)
Resistance levels - 1.0768 (50% Fib retrace of 1.1298 to 1.0237 fall), 1.08, 1.0874 (Feb 25, 2016 high)
TIME TREND INDEX OB/OS INDEX
1H Bullish Overbought
4H Bullish Neutral
1D Bullish Neutral
1W Bullish Neutral
Recommendation: Good to go long on decisive break above 1.0750, SL: 1.0675, TP: 1.0770, 1.08/ 1.0875
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 39.2548(Neutral), while Hourly NZD Spot Index was at -63.1098 (Bearish) at 0730 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
