FxWirePro: Watchout for AUD/NZD weekly close above 1.0895 to confirm bullish bias
AUD/NZD trades above its wide range channel (between 1.0895 and 1st July highs of 1.1429). AUD has been surprisingly resilient today despite plunge in commodities. The pair has broken above 55 DMA at 1.0923 and is curren…
AUD/NZD trades above its wide range channel (between 1.0895 and 1st July highs of 1.1429). AUD has been surprisingly resilient today despite plunge in commodities.
The pair has broken above 55 DMA at 1.0923 and is currently trading at 1.0931, a close for the week above 1.0895 will affirm bullish bias, a recovery back above the 1.10 handle in sight.
Immediate supports on the downside are located at 1.0905 (50 DMA) and then at 1.0849 (38.2% of post jobs bounce).
Some consolidation cloud be seen around channel base. Pullbacks could be seen towards 200 DMA at 1.0767. Break below 200 DMA at 1.0767 could invalidate bullish bias.
Recommendation: Go long AUD/NZD on close above 1.0895, SL: 1.0840, TP1: 1.0980, TP2: 1.10
