• FxWirePro: AUD/NZD breaks above 20-dma, eyes 200-dma at 1.0847

    Source: FxWire Pro - Technicals / 28 Feb 2018 01:06:43   Eastern Standard Time

    • AUD/NZD extends grind higher, breaks above 20-DMA at 1.0756, bias higher.
    • The pair is extending upside for 5th consecutive session and we see scope for further gains.
    • Technical studies have turned bullish with bullish MACD line crossover on signal line.
    • Stochs have turned higher and RSI is pointing north with scope for further upside.
    • Price action has bounced off channel base support in last week's trade. Breakout at 20-DMA raises scope for test of 200-DMA at 1.0847.
    • On the flipside, 5-DMA at 1.0743 is immediate support. Break below will see some weakness.

    Support levels - 1.0765 (20-DMA), 1.0743 (5-DMA), 1.0654 (Feb 22 low), 1.0567 (78.6% Fib retrace of 1.0370 to 1.1290 rally)

    Resistance levels - 1.0847 (200-DMA), 1.0894 (110-EMA), 1.0936 (cloud base)

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-NZD-struggles-at-21-EMA-breakout-targets-200-DMA-at-10846-1170729) is progressing well.

    Recommendation: Hold for targets.

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