Converged 50&100 DMAs cap upside in AUD/NZD, long break above
AUD/NZD rejected at 1.0487, finds major resistance at 1.0485 which is converged 50&100 DMAs.
The pair is trading with a bullish bias, RSI has edged above 50 with scope to run further.
Stochs are biased higher and MACD is showing a bullish crossover.
Break above 1.0485 will see upside upto 1.0547 (50% Fib of 1.0765 to 1.0330 fall).
Major trendline support at 1.0330 (converged trendlines), we see weakness only on break below.
Good to go long on break above 1.0485, SL: 1.0430, TP: 1.0550/ 1.06
The pair is trading with a bullish bias, RSI has edged above 50 with scope to run further.
Stochs are biased higher and MACD is showing a bullish crossover.
Break above 1.0485 will see upside upto 1.0547 (50% Fib of 1.0765 to 1.0330 fall).
Major trendline support at 1.0330 (converged trendlines), we see weakness only on break below.
Good to go long on break above 1.0485, SL: 1.0430, TP: 1.0550/ 1.06