FxWirePro: AUD/NZD remains supported above 1.12, good to buy on dips

• AUD/NZD is trading around 1.1240 marks.
   
• Pair made intraday high at 1.1245 and low at 1.1214 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 1.1197 levels.
   
• A daily close below 1.1197 will take the parity down towards 1.1148/1.10 marks.
   
• On the other side, a sustained close above key resistance at 1.1298 will drag the parity up towards 1.1352/1.1590 marks.
   
• Short term expected trading range for the parity will be 1.1128 – 1.1317 marks.
   
• Overall trend remains bullish as 20D, 30D and 55D EMA heads up in daily chart and confirms bullish trend.

We prefer to take long position in AUD/NZD around 1.1220, stop loss 1.1197 and target 1.1317/ 1.1352 levels.