- AUD/NZD has held above major trendline support at 1.0370 and edged higher.
- The pair is holding above 20-DMA at 1.0459 and is on track to test 200-DMA at 1.0611.
- Bullish divergence on RSI supports upside in the pair.
- We see weakness only on break below major trendline support at 1.0370.
- Focus remains on RBA policy meet and NZ GDT price auction for further impetus.
Support levels - 1.0459 (20-DMA), 1.0412 (June 14 low), 1.0370 (trendline)
Resistance levels - 1.0526 (23.6% Fib retrace of 1.1018 to 1.0375 fall), 1.0611 (200-DMA), 1.0620 (38.2% Fib)
Recommendation: Good to go long on dips around 1.0475/80, SL: 1.0370, TP: 1.0525/ 1.0550/ 1.0610
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