AUD/NZD consolidating gains, bullish on close above 1.0821
The Aussie is up 2.7 percent against the kiwi this week. If sustained, it would be the pair's largest weekly gain in 5 years.
AUD/NZD is holding above 1.0762 (200 DMA) for the past three sessions. A weekly close above 1.0821 which is 38.2% Fibo of Sep/Nov fall reiterates bullish bias which would then propel the pair towards 1.0920 targets.
Aussie is subdued on the day, under pressure following the release of RBA SoMP, which showed that the central bank revised CPI and GDP forecasts lower, and left doors open for further easing.
200 DMA is pivotal for a sustained rebound in the pair. Watch for a close above 1.0821 to go long. If the pair closes below 200 DMA, it may slip to 1.0700 levels
Currently the pair is trading at 1.0820, immediate resistance is seen at 1.0878 (55 EMA), while support is seen at 1.0782 (Nov 5th low)
Recommendation: Good to go Long on weekly close above 1.0821, SL: 1.0770, TP: 1.0920
RES: R1: 1.0852 , R2: 1.0878 , R3: 1.0882 , R4: 1.0921
SUP: S1: 1.0782 , S2: 1.0773 , S3: 1.0763
AUD/NZD is holding above 1.0762 (200 DMA) for the past three sessions. A weekly close above 1.0821 which is 38.2% Fibo of Sep/Nov fall reiterates bullish bias which would then propel the pair towards 1.0920 targets.
Aussie is subdued on the day, under pressure following the release of RBA SoMP, which showed that the central bank revised CPI and GDP forecasts lower, and left doors open for further easing.
200 DMA is pivotal for a sustained rebound in the pair. Watch for a close above 1.0821 to go long. If the pair closes below 200 DMA, it may slip to 1.0700 levels
Currently the pair is trading at 1.0820, immediate resistance is seen at 1.0878 (55 EMA), while support is seen at 1.0782 (Nov 5th low)
Recommendation: Good to go Long on weekly close above 1.0821, SL: 1.0770, TP: 1.0920
RES: R1: 1.0852 , R2: 1.0878 , R3: 1.0882 , R4: 1.0921
SUP: S1: 1.0782 , S2: 1.0773 , S3: 1.0763
