- AUD/NZD resumes upside, trades 0.34% higher on the day, bias higher.
- The pair has paused downside, holds above 5-DMA support, we see minor weakness on break below.
- Technical indicators are biased higher, momentum remains with the bulls.
- RSI and Stochs have rolled over from oversold levels and MACD is showing a bullish crossover on signal line.
- Next bull target lies at 55-EMA at 1.0686, break above could see test of 61.8% Fib at 1.0721.
- On the flipside, break below 5-DMA will see test of 20-DMA support at 1.0580, major weakness likely on retrace below.
Support levels - 1.0610 (5-DMA), 1.0580 (20-DMA), 1.0567 (78.6% Fib), 1.0495 (major trendline)
Resistance levels - 1.6083 (55-EMA), 1.0721 (61.8% Fib), 1.0765 (110-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-struggles-at-20-DMA-good-to-go-long-on-decisive-break-above-1260087) is approaching TP1.
Recommendation: Hold for targets.
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