- AUD/NZD holds above 200-DMA, is on track to 61.8% Fib at 1.0984.
- Price action has shown a breakout of 'Symmetric Triangle' pattern and we see scope for further upside.
- Technical indicators support gains in the pair. We see bullish divergence on RSI and Stochs which adds to bullish bias.
- Kiwi remains subdued on weak economic data and as markets push out expectations of any rate hikes from RBNZ into 2019.
- Downside finds immediate support at 5-DMA at 1.0899. Break below could see drag till 200-DMA.
- Break below 200-DMA could see weakness till 21-EMA at 1.0774. Violation there invalidates bullish bias.
Support levels - 1.0899 (5-DMA), 1.0882 (200-DMA), 1.0794 (38.2% Fib), 1.0774 (21-EMA)
Resistance levels - 1.0983 (61.8% Fib), 1.10, 1.1072 (2018 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-finds-major-resistance-at-10830-good-to-go-long-on-break-above-1306773) has hit TP1/2.
Recommendation: Book partial profits. Hold for further upside.
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