AUD/NZD chart - Trading View
- AUD/NZD spiked higher with a bullish gap open, bias higher.
- Aussie buoyed on weekend news that the centre-right government has clung to power in a surprise victory.
- The pair slipped lower after the initial spike, but downside held support at 5-DMA.
- Price action has again edged higher and is currently trading at 1.0586, up 0.5% at 06:30 GMT.
- Technical indicators on intraday charts have turned higher, scope for further gains.
- Close above 21-EMA (1.0574) raises scope for gains till 200-DMA at 1.0646.
Support levels - 1.0556 (5-DMA), 1.0544 (55-EMA), 1.0490 (cloud top)
Resistance levels - 1.06, 1.0646 (200-DMA), 1.0684 (50% Fib)
Recommendation: Good to stay long on close above 21-EMA, SL: 1.0550, TP: 1.06/ 1.0640/ 1.0670
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
