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Long

AUD/NZD break 200-DMA. good to go long on dips

FX:AUDNZD   Australian Dollar/New Zealand Dollar
128 0 7
AUD/NZD             forms 'Inverted Head & Shoulders' pattern on daily charts .

The pair has broken major 200-DMA resistance at 1.0710, bias remains higher.

Technicals support upside in the pair, Stochs and RSI are biased higher.

Breakout above neckline at 1.0770 could see gains upto 1.0920.

On the flipside, rejection at neckline could drag the pair to 1.0590 levels.

Drop in RBA November rate cut bets following the release of the upbeat inflation data boosts Aussie.

Major support levels - 1.0710 (200-DMA), 1.07, 1.0632 (20-DMA)

Major resistance levels - 1.0770 (neckline), 1.08 (May 17 high), 1.0875 (May 5 high), 1.0921 (May 10 high)

Good to go long on dips around 1.0725/30, SL: 1.0660, TP: 1.0770/ 1.08/ 1.0875/1.09
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