Long AUD/NZD breaks above 200-DMA, target 1.0970/1.10 Long

Australian Dollar/New Zealand DollarFXCM

Description

⋅ Mar 7, 2016 5:45 AM

AUD/NZD struggling to extend gains after breaking on Wednesday's trade last week.

Price action was rejected at day's high by 1.0925, 200-DMA currently at 1.0922 is capping upside.

We can see stiff resistance near 1.0925 region, any further bullishness only on breaks above 1.0925.

Weakness back in Asian indices, while the copper prices are also seen in the red, down -0.53%, adding pressure on the Aussie.

The pair is poised for gains on the weekly charts, we see the cloud offering strong support on the downside.

Immediate support and resistance are located at 1.0842 (10-DMA) and 1.0922 (200-DMA) respectively.

Good to long AUD/NZD on breaks above 1.0925, SL: 1.0840, TP: 1.0970/1.10/1.1085

Comments

nick1236

⋅ Mar 7, 2016 1:19 PM

daily Marvin

Marvin

⋅ Mar 7, 2016 8:34 AM

Hi and thanks for this. When you say a break above 1.0925 are you looking for a close on a particular TF? All the best.

FxWirePro

⋅ Mar 7, 2016 9:00 AM

Yes, a decisive close above 200-DMA would confirm upside. The pair has been testing 200-DMA for a couple of trading sessions now.

Marvin

⋅ Mar 7, 2016 10:22 AM

Ok but again what TF? The daily?