FxWirePro: AUD/NZD upside pauses at major trendline resistance at 1.05, bias higher, stay long
Friday, September 23, 2016 6:02 AM UTC
- AUD/NZD upside pauses gains at major trendline resistance at 1.05.
- Kiwi bears relentless amid broad based US dollar rebound and weaker commodities, particularly oil.
- Momentum studies in the pair are bullish, break above 1.05 to see test of 61.8% Fib at 1.0550.
- Major support levels - 1.0430 (38.2% Fib), 1.0360 (trendline), 1.0356 (23.6% Fib), 1.0344 (20-DMA)
- Major resistance levels - 1.05, 1.0540 (Aug 2 high), 1.0550 (61.8% Fib)
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-breaks-major-trendline-resistance-good-to-go-long-on-dips-312886) has achieved TP 1&2. Bias remains higher.
- We recommend booking partial profits, raise trailing stops to 1.0430, target 1.0550