AUDNZD stiff resistance till 1.0550, eyes 200-DMA on break above

FX:AUDNZD   Australian Dollar / New Zealand Dollar
132 0 7
AUD/NZD             builds on previous week's gains, up 0.13 percent on the day till now.

The pair is trading with a bullish bias, scope for test of 200-DMA             at 1.0714.

The pair has broken series of major resistances - 1.0485 (50-DMA), 1.0490 (50% Fib), 1.05 ( trendline ).

Upside is struggling at 100-DMA currently at 1.0528.

We find series of stiff resistance upto 1.0550 level, break above could see upside gain traction.

Major support levels - 1.05 ( trendline ), 1.0490 (50% Fib), 1.0485 (50-DMA)

Major resistance levels - 1.0542 (cloud base), 1.0550 (61.8% Fib), 1.06, 1.0635 (78.6% Fib, double top July 28 & Aug 4), 1.0714 ( 200-DMA             )

Good to long breakout above 1.0550, SL: 1.0445, TP: 1.06/ 1.0635/ 1.0714
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