FxWirePro: 'Triangle' breakout raises scope for upside in AUD/NZD, bias higher, stay long

• AUD/NZD has shown breakout at 'Symmetric Triangle' top at 1.1140.
   
• Breakout has raised scope for further upside in the pair, 1.14 levels in sight.
   
• Technical indicators on weekly charts support upside. Momentum studies bullish, RSI and Stochs are biased higher.
   
• The pair has broken above 78.6% Fib retracement of 1.1429 to 1.0237 fall at 1.1173.
   
• Upside now finds next immediate resistance at 1.1462 (38.2% Fib retrace of 1.3795 to 1.0020 fall).
   
• On the flipside, we see weakness only on break below trendline resistance turned support at 1.1140.

Support levels - 1.1161 (5-DMA), 1.0995 (20-DMA), 1.0980 (50-DMA)

Resistance levels - 1.1293 (88.6% Fib retracement of 1.1429 to 1.0237 fall), 1.13, 1.1333 (Mar 2017 high)

Call update: We had advised a long on the pair (http://www.econotimes.com/FxWirePro-AUD-NZD-breaks-major-trendline-resistance-at-11140-good-to-go-long-on-dips-963528).

Recommendation: Bias higher, stay long.

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