- AUD/NZD breaks above 200-DMA raising scope for further upside.
- The pair is trading 0.41% higher on the day at 1.0920 at the time of writing.
- Upside finds stiff resistance at 1.0935 (major trendline resistance), break above to see further gains.
- Technical indicators are bullish. RSI shows strength above 65, momentum studies are bullish.
- MACD is showing a bullish crossover on signal line. We also evidence +ve DMI crossover on -ve DMI which adds to bullish bias.
- Break above major trendline resistance at 1.0935 targets 61.8% Fib at 1.0983. Retrace and close below 200-DMA negates bullish bias.
Support levels - 1.0889 (50% Fib), 1.0861 (200-DMA), 1.0826 (5-DMA)
Resistance levels - 1.0935 (trendline), 1.0983 (61.8% Fib), 1.1072 (Jan 29 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-eyes-200-DMA-at-10861-good-to-go-long-on-dips-1391411) has hit all targets.
Recommendation: Good to go long on breakout above 1.0935, SL: 1.0860, TP: 1.0980/ 1.1070
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 116.171 (Bullish), while Hourly NZD Spot Index was at -118.835 (Bearish) at 1215 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
