• FxWirePro: AUD/NZD bounces off strong trendline support, 20-dma breakout could see further upside

    Source: FxWire Pro - Technicals / 08 Mar 2018 04:40:28   Eastern Standard Time

    • AUD/NZD bounces off strong trendline support with hammer formation.
    • Price action currently hovers around 20-DMA, decisive break above could see further upside.
    • Technical indicators are turning slightly bullish. Stochs are biased higher and 5-DMA is turning.
    • Breakout above 20-DMA raises scope for test of 200-DMA at 1.0852. Breach at 200-DMA could accentuate gains.
    • On the flipside, the pair finds strong trendline support at 1.0665, break below will see further weakness.

    Support levels - 1.0734 (5-DMA), 1.0665 (trendline), 1.0654 (Feb 22 low), 1.0630 (channel base), 1.06

    Resistance levels - 1.0737 (20-DMA), 1.08, 1.0852 (200-DMA)

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