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Long

AUD/NZD scope for test of 100-DMA at 1.0828, buy dips

FX:AUDNZD   Australian Dollar/New Zealand Dollar
171 0 6
AUD/NZD             has retraced from session highs at 1.0741 and is currently trading around 1.0700 levels.

The pair has broken major trendline resistance at 1.0500 levels, upside currently halts at stiff resistance by 1.0740, bias higher.

Momentum studies are heavily bullish , we see scope for test of 100-DMA at 1.0828.

Australia Q2 CPI             data (due Wed 27 July) in focus after the extremely weak Q1 data, expectations are for .

While downbeat New Zealand CPI             data in Q2 increased the odds of RBNZ rate cut in August.

Supports on the downside are seen at 1.0588 (5-DMA), 1.0490 (trendline) and 1.0474 (20-DMA).

Resistance on the upside aligns at 1.0741 (session high), 1.0776 (May 31 high) and 1.0828 (100-DMA).

Good to go long on dips around 1.0680, SL: 1.0585, TP: 1.0740/ 1.0775/ 1.08/ 1.0825
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