FxWirePro: Aussie recovers from fresh 13 –month low against Kiwi, faces strong resistance at 1.0496
AUD/NZD is trading around 1.0474 marks. Pair made intraday high at 1.0477 and low at 1.0473 marks. Intraday bias remains bullish till the time pair holds key support at 1.0408 marks. A sustained close above 1.0571 is req…
Pair made intraday high at 1.0477 and low at 1.0473 marks.
Intraday bias remains bullish till the time pair holds key support at 1.0408 marks.
A sustained close above 1.0571 is required to drag the parity higher towards 1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
On the other side, a daily close below 1.0414 will take the parity down towards key supports around 1.0362 and 1.0231 marks respectively.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. Current upside movement is short term trend correction only.
Most Australian banks will be closed in observance of the Queen's Birthday.
We prefer to take long position in AUD/NZD only above 1.0496, stop loss 1.0414 and target 1.0571/1.0647 levels.
