- AUD/NZD opened with a bullish gap, but the major has failed to build on to gains.
- Price is trading in an extremely narrow range, with a day's high at 1.0718 and a low of 1.0702.
- Upside is capped at 61.8% Fib retrace of 1.0370 to 1.1290 rally at 1.0721. Break above targets 5-DMA at 1.0738.
- On the downside, we see next immediate support at 1.0642 (April 20 low) ahead of 1.0616 (Feb 28 low).
- Break above 5-DMA could see test of 200-DMA at 1.0847. Violation at 200-DMA could see bearish invalidation.
Support levels - 1.0642 (April 20 low), 1.0616 (Feb 28 low), 1.0567 (78.6% Fib)
Resistance levels - 1.0721 (61.8% Fib retrace of 1.0370 to 1.1290 rally), 1.0850 (nearly converged 200 & 20-DMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 12.7822 (Neutral), while Hourly NZD Spot Index was at 136.462 (Bullish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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