FxWirePro: AUD/NZD strong support at 1.0570 levels, further weakness only on breaks below
Approaches strong support at 1.0570 levels, further weakness can be seen only on breaks below. Daily Stochs are deeply in oversold territory, while RSI has turned higher after dipping below 40 levels. MACD indicator show…
Approaches strong support at 1.0570 levels, further weakness can be seen only on breaks below.
Daily Stochs are deeply 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.
Downside seems to have stalled at 0.60 levels (Feb 10th lows and session lows till now), which will be immediate support on the downside ahead of 1.0570 (trendline).
On the upside immediate resistance is seen at 1.0645 (5-DMA) and then at 1.0687 (Feb 10th highs).
Recommendation: Go long on breaks above 5-DMA at 1.0644, SL: 1.0570, TP: 1.0710//1.0745/1.08
