FxWirePro: AUD/NZD struggles at 20-DMA, further upside only on close above

• AUD/NZD is seen struggling to extend gains above 20-DMA currently at 1.0772.
   
• The pair is extending recovery from 10-week lows at 1.0610. Doji formation seen on Friday's charts suggests some indecision.
   
• The Aussie continues to gain traction despite weaker than expected Chinese macro data.
   
• Data from New Zealand earlier today showed retail sales volumes increased a seasonally adjusted 1.5%, well above 0.6% growth recorded in the previous quarter.
   
• Close above 20-DMA will see test of next immediate resistance at 1.0833 (50-DMA).
   
• Technical indicators on the daily charts have turned bullish. RSI and Stochs have rolled over from oversold levels and biased higher.

Support levels - 1.0720 38.2% Fib of 1.0237 to 1.1018 rise), 1.0718 (5-DMA), 1.0686 (100-DMA)

Resistance levels - 1.0804 (May 12 high), 1.0832 (50-DMA & 23.6% Fib), 1.09 (trendline), 1.0935 (May 1 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-extends-Thursdays-bounce-hovers-around-20-DMA-bias-higher-698222) has hit TP1.

Recommendation: Hold for upside.