AUD/NZD opened the week's trade with a bullish gap and is extending gains, trading 0.41% higher on the day.
Aussie gets a boost in early Monday's trade, remains bolstered by rising copper prices.
Technical indicators for the pair support upside for now. Momentum bullish, RSI and Stochs biased higher.
Price has broken above 5-DMA and we see scope for test of 1.0985 (trendline resistance).
Decisive break below 200-DMA could see weakness in the pair. Dip till 38.2% Fib at 1.0794 likely.
Support levels - 1.09 (5-DMA), 1.0862 (200-DMA), 1.0794 (38.2% Fib)
Resistance levels - 1.0985 (converged trendline and 61.8% Fib), 1.10, 1.1050 (Jan 4 high)
Good to go long around 1.09, SL: 1.0860, TP: 1.0985/ 1.10/ 1.1050
Aussie gets a boost in early Monday's trade, remains bolstered by rising copper prices.
Technical indicators for the pair support upside for now. Momentum bullish, RSI and Stochs biased higher.
Price has broken above 5-DMA and we see scope for test of 1.0985 (trendline resistance).
Decisive break below 200-DMA could see weakness in the pair. Dip till 38.2% Fib at 1.0794 likely.
Support levels - 1.09 (5-DMA), 1.0862 (200-DMA), 1.0794 (38.2% Fib)
Resistance levels - 1.0985 (converged trendline and 61.8% Fib), 1.10, 1.1050 (Jan 4 high)
Good to go long around 1.09, SL: 1.0860, TP: 1.0985/ 1.10/ 1.1050