AUD/NZD breaks key resistance at 1.0515, good to go long on dips
AUD/NZD up 0.81% on the day, spikes past 20-DMA (1.0458) and key trendline resistance at 1.0515.
Kiwi dumped on weaker-than expected electronic card retail sales data, while the Aussie found support from solid Australia NAB business conditions data.
Technical indicators have turned bullish, we see scope for further upside.
Immediate resistance is seen at 1.0550 (50-DMA) ahead of 200-DMA at 1.06.
We see bullish invalidation only on retrace below trendline resistance turned support at 1.0515.
Support levels - 1.0523 (23.6% Fib retrace of 1.10188 to 1.03706 fall), 1.0515 (trendline), 1.0457 (5-DMA)
Resistance levels - 1.0550 (50-DMA), 1.0609 (200-DMA), 1.0618 (38.2% Fib)
Good to go long on dips around 1.0525/30, SL: 1.0490, TP: 1.0550/ 1.06/ 1.0620
Kiwi dumped on weaker-than expected electronic card retail sales data, while the Aussie found support from solid Australia NAB business conditions data.
Technical indicators have turned bullish, we see scope for further upside.
Immediate resistance is seen at 1.0550 (50-DMA) ahead of 200-DMA at 1.06.
We see bullish invalidation only on retrace below trendline resistance turned support at 1.0515.
Support levels - 1.0523 (23.6% Fib retrace of 1.10188 to 1.03706 fall), 1.0515 (trendline), 1.0457 (5-DMA)
Resistance levels - 1.0550 (50-DMA), 1.0609 (200-DMA), 1.0618 (38.2% Fib)
Good to go long on dips around 1.0525/30, SL: 1.0490, TP: 1.0550/ 1.06/ 1.0620