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Long

AUD/NZD momentum studies bullish, good to long dips

FX:AUDNZD   Australian Dollar/New Zealand Dollar
212 0 8
Upbeat comments from new RBA governor Lowe, in his testimony before the parliament support the Aussie.

Broad based commodities rally also buoyed the sentiment around the resource-linked currency.

On the other side, NZD subdued after RBNZ held rates earlier today but kept alive speculation about future rate cuts.

AUD/NZD             has broken major resistances - 20-DMA at 1.0341 and major trendline at 1.0365 to hit 2-week highs of 1.0423.

Techs are heavily bullish , we see scope for gains upto 1.05 (major trendline ). Break above could see test of 1.0550 (61.8% Fib of 1.0743 to 1.0237 fall).

Major support levels - 1.0365 ( trendline ), 1.0356 (23.6% Fib), 1.0341 (20-DMA)

Major resistance levels - 1.0430 (38.2% Fib), 1.0468 (Aug 24 & 26 high), 1.05, 1.0540 (Aug 2 high)

Good to long dips around 1.04, SL: 1.0340, TP: 1.0465/ 1.05/ 1.0550
Comment: TP 1& 2 hit.

Upside pauses at major trendline resistance.

Break above to see test of 1.0550.
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