- AUD/NZD up 0.47% on the day, holds break above 50-DMA, bias higher.
- Technical studies on daily charts are biased higher, RSI and Stochs point north.
- MACD is on verge of a bullish crossover on signal line.
- The pair has held Weekly 20-SMA (1.10951) support on last week's trade and we see weakness only on break below.
- Currently the pair has retraced above 23.6% Fib of 1.03706 to 1.12899 rally at 1.1072.
- Upside finds stiff resistance at 4H 200-SMA at 1.1100 level, break above to see further upside.
Support levels - 1.1046 (4H 20-SMA), 1.1039 (5-DMA), 1.0975 (weekly 20-SMA)
Resistance levels - 1.11 (4H 200-SMA), 1.1140 (Nov 14 high), 1.12, 1.1290 (Oct 24 high)
Recommendation: Good to go long on break above 1.11, SL: 1.1040, TP: 1.1140/ 1.1160/ 1.12
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest