FxWirePro: AUD/NZD holds trendline support at 1.0570 levels, good to go long on dips
AUD/NZD has taken rising trendline support at 1.0570 levels and edged higher on the day. Daily Stochs have shown a bullish crossover in oversold territory, while RSI has turned higher after dipping below 40 levels. MACD …
AUD/NZD has taken rising trendline support at 1.0570 levels and edged higher on the day.
Daily Stochs have shown a bullish crossover in oversold territory, while RSI has turned higher after dipping below 40 levels.
MACD indicator shows bearish momentum is fading, a crossover of the MACD line over signal line should be further confirmation.
Rising trendline support at 1.0570 levels is strong support on the downside, while on the upside immediate resistance is located at 1.0662 (Feb 11th High).
The pair has broken above 5-DMA at 1.0634 which was capping upside, we could now see gains upto 1.07 and further upside could see 1.08 levels.
Recommendation: Go long on dips around 1.0640, SL: 1.0560, TP: 1.070//1.0745
