AUDNZD stiff resistance till 1.0550, eyes 200-DMA on break above
AUD/NZD builds on previous week's gains, up 0.13 percent on the day till now.
The pair is trading with a bullish bias, scope for test of 200-DMA at 1.0714.
The pair has broken series of major resistances - 1.0485 (50-DMA), 1.0490 (50% Fib), 1.05 (trendline).
Upside is struggling at 100-DMA currently at 1.0528.
We find series of stiff resistance upto 1.0550 level, break above could see upside gain traction.
Major support levels - 1.05 (trendline), 1.0490 (50% Fib), 1.0485 (50-DMA)
Major resistance levels - 1.0542 (cloud base), 1.0550 (61.8% Fib), 1.06, 1.0635 (78.6% Fib, double top July 28 & Aug 4), 1.0714 (200-DMA)
Good to long breakout above 1.0550, SL: 1.0445, TP: 1.06/ 1.0635/ 1.0714
The pair is trading with a bullish bias, scope for test of 200-DMA at 1.0714.
The pair has broken series of major resistances - 1.0485 (50-DMA), 1.0490 (50% Fib), 1.05 (trendline).
Upside is struggling at 100-DMA currently at 1.0528.
We find series of stiff resistance upto 1.0550 level, break above could see upside gain traction.
Major support levels - 1.05 (trendline), 1.0490 (50% Fib), 1.0485 (50-DMA)
Major resistance levels - 1.0542 (cloud base), 1.0550 (61.8% Fib), 1.06, 1.0635 (78.6% Fib, double top July 28 & Aug 4), 1.0714 (200-DMA)
Good to long breakout above 1.0550, SL: 1.0445, TP: 1.06/ 1.0635/ 1.0714
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