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AUD/NZD edges higher from channel support, good to buy dips

Long
FX:AUDNZD   Australian Dollar / New Zealand Dollar
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The antipodeans were under pressure for the second consecutive session on Wednesday after a brutal selloff in oil and commodities saw speculators add to already bearish positions

AUD/NZD slightly bid in the Asian session up around 0.25%, Kiwi weakness seen as we head into the RBNZ policy meet tomorrow

RBNZ is widely expected to cut rates at tommorow's meeting by 25bps, to 2.50 percent. In the event it does cut there will likely be a "knee-jerk reaction in the Kiwi.

AUD/NZD has taken channel base support at 1.0840 and edged higher, scope for test of 1.0935 (38.2% Fib of 1.1086-1.0840 fall)

The pair is currently trading at 1.0886, with day's high at 1.0899 and lows by 1.0840, daily techs show Stochs are at oversold levels, some unwinding likely, RSI is also biased higher

Immediate resistance is seen at 1.0899 (23.6% Fib of 1.1086-1.0840 fall), pair is currently struggling to break higher

Above 1.0899 next resistance is seen at 1.0908 (daily Kijun) ahead of 1.0935 (38.2% Fib of 1.1086-1.0840 fall)

Strong trendline support is seen at 1.0835, breaks below invalidate our bullish call

Recommendation: We find it good to buy dips around 1.0875, SL: 1.0835, TP: 1.0945

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