- AUD/NZD has closed above 54-EMA resistance at 1.0681 on Wednesday's trade, bias higher.
- Upside finds stiff resistance at daily cloud base at 1.0725, we see further upside only on break above.
- Price is consolidating above 23.6% Fib at 1.0677, technical studies keeps scope for more upside in the pair.
- RSI shows strength above 60 levels and Stochs are biased higher. We see +ve DMI dominance and MACD is in support of the trend higher.
- Break above cloud base finds next major resistance at 1.0758 (110-EMA) ahead of 38.2% Fib at 1.0794.
- On the downside, retrace below 50-DMA at 1.0682 to see minor weakness. Bullish invalidation only on break below 20-DMA.
Support levels - 1.0682 (55-EMA), 1.0672 (5-DMA), 1.0595 (20-DMA), 1.05
Resistance levels - 1.0759 (converged 110-EMA & 200W SMA), 1.0784 (20W SMA), 1.0794 (38.2% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-struggles-at-20-DMA-good-to-go-long-on-decisive-break-above-1260087) has hit all targets.
Recommendation: Watch for breakout at daily cloud base to go long, target 1.0760/ 1.0785.
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