FxWirePro
Long

Encouraging signs for AUD/NZD long emerge

FX:AUDNZD   Australian Dollar/New Zealand Dollar
173 0 1
We expect the Bearish Gartley formation to proceed further. Some encouraging signs for AUD/NZD             upside have emerged.

The pair has bounced back from 1.0567 levels, has closed above the trendline resistance at 1.0620 which has currently flipped to support.

A break above 1.0679/81 resistance (highs Dec             17 & 24) will give more confidence, could establish a bottom for the pair, tests of 1.1086 levels (Nov 24, 25 highs) then likely.

Stochs have rolled-over from oversold territory with a bullish crossover, RSI on dailies has also bounced-off 30 levels and is currently at 43 and points north.

We also see a positive MACD line crossover on signal line, the histogram back into positive territory.

We expect furthering of the Bearish Gartley formation, and would go long on dips around 1.0645, SL: 1.0500, TP1: 1.09, TP2: 1.1080

Resistance Levels:

R1: 1.0667 ( Dec             30 highs)

R2: 1.0679/81 resistance (highs Dec             17 & 24)

R3: 1.0741 (21-Day MA)

Support Levels:

S1: 1.0625 (5-DMA)

S2: 1.0606 ( Dec             30 lows)

S3: 1.05 (Oct 30 Lows)
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