FxWirePro: Dismal China trade data ignored, AUD/NZD extends gains, good to buy dips
AUD/NZD has taken rising trendline support at 1.0570 levels and edged higher on Friday's trade. Daily Stochs have shown a bullish crossover in oversold territory, while RSI has turned higher after dipping below 40 levels…
AUD/NZD has taken rising trendline support at 1.0570 levels and edged higher on Friday's trade.
Daily Stochs have shown a bullish crossover in oversold territory, while RSI has turned higher after dipping below 40 levels.
China's trade balance for January 2016 came in at CNY 406.2bn vs +389.01bn expected, but details showed a collapse in exports/imports.
Not long after the Dec Chinese trade balance figures were released, China's statistics chief Wang Baoan was accused of corruption and the Aussie reversed a brief dip.
Price action has now entered the daily cloud, we see scope for further gains upto 1.08 levels.
Daily cloud base at 1.0714 is immediate support ahead of 10-DMA at 1.0688, while 1.0776 (Jan 21 high) is immediate resistance on the upside.
Recommendation: Good to go long on dips around 1.0740, SL: 1.070, TP: 1.0785/1.08
