FxWirePro: Watchout for AUD/NZD breaks above 1.0823 for further bullishness
AUD/NZD bears unable to push the pair below 1.0707 (a double bottom tested on 9th and 10th Dec). Price action has re-entered hourly cloud and on the day AUD/NZD has been supported by cloud base at 1.0728, daily Stochs ar…
AUD/NZD bears unable to push the pair below 1.0707 (a double bottom tested on 9th and 10th Dec).
Price action has re-entered hourly cloud and on the day AUD/NZD has been supported by cloud base at 1.0728, daily Stochs are in an oversold zone and will see some unwinding soon.
A close above the 200-DMA at 1.0823 would be very encouraging, bulls could then take the pair to 1.10 and further above to 1.1260.
However the prospect of the AUD starting to trend higher are becoming increasingly remote, multi-year lows for oil and iron ore, culminating in 13-yr lows for the broader CRB index, are additional AUD headwinds.
Breaks below 1.0707 could see the pair test trendline support at 1.0620
Resistance Levels:
R1: 1.0785 (Session high Dec 11)
R2: 1.0823 (200 DMA)
R3: 1.0843 (Dec 10 high)
Support Levels:
S1: 1.0728 (Cloud base)
S2: 1.0707 (double bottom tested on 9th and 10th Dec)
