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Long

Go long AUDNZD on weekly close above 1.0895

FX:AUDNZD   Australian Dollar / New Zealand Dollar
257 0 6
AUD/NZD             trades above its wide range channel (between 1.0895 and 1st July highs of 1.1429). AUD has been surprisingly resilient today despite plunge in commodities .

The pair has broken above 55 DMA at 1.0923 and is currently trading at 1.0931, a close for the week above 1.0895 will affirm bullish bias, a recovery back above the 1.10 handle in sight.

Immediate supports on the downside are located at 1.0905 (50 DMA) and then at 1.0849 (38.2% of post jobs bounce).

Some consolidation could be seen around channel base. Pullbacks could be seen towards 200 DMA at 1.0767. Break below 200 DMA at 1.0767 would invalidate bullish bias.

Recommendation: Go long AUD/NZD             on weekly close above 1.0895, SL: 1.0820, TP1: 1.0985, TP2: 1.10

RES:

R1: 1.0982 (Oct 13 high)

R2: 1.0987 (Oct 6 high)

R3: 1.10 (Psychological level)

SUP:

S1: 1.0905 (50 DMA)

S2: 1.0849 (38.2% of post jobs)

S3: 1.0767 (200 DMA)

S4: 1.0740 (Tenkan Sen)
Trade closed: target reached
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