AUD/NZD momentum studies bullish, good to long dips
Updated
Upbeat comments from new RBA governor Lowe, in his testimony before the parliament support the Aussie.
Broad based commodities rally also buoyed the sentiment around the resource-linked currency.
On the other side, NZD subdued after RBNZ held rates earlier today but kept alive speculation about future rate cuts.
AUD/NZD has broken major resistances - 20-DMA at 1.0341 and major trendline at 1.0365 to hit 2-week highs of 1.0423.
Techs are heavily bullish, we see scope for gains upto 1.05 (major trendline). Break above could see test of 1.0550 (61.8% Fib of 1.0743 to 1.0237 fall).
Major support levels - 1.0365 (trendline), 1.0356 (23.6% Fib), 1.0341 (20-DMA)
Major resistance levels - 1.0430 (38.2% Fib), 1.0468 (Aug 24 & 26 high), 1.05, 1.0540 (Aug 2 high)
Good to long dips around 1.04, SL: 1.0340, TP: 1.0465/ 1.05/ 1.0550
Broad based commodities rally also buoyed the sentiment around the resource-linked currency.
On the other side, NZD subdued after RBNZ held rates earlier today but kept alive speculation about future rate cuts.
AUD/NZD has broken major resistances - 20-DMA at 1.0341 and major trendline at 1.0365 to hit 2-week highs of 1.0423.
Techs are heavily bullish, we see scope for gains upto 1.05 (major trendline). Break above could see test of 1.0550 (61.8% Fib of 1.0743 to 1.0237 fall).
Major support levels - 1.0365 (trendline), 1.0356 (23.6% Fib), 1.0341 (20-DMA)
Major resistance levels - 1.0430 (38.2% Fib), 1.0468 (Aug 24 & 26 high), 1.05, 1.0540 (Aug 2 high)
Good to long dips around 1.04, SL: 1.0340, TP: 1.0465/ 1.05/ 1.0550
Note
TP 1& 2 hit.Upside pauses at major trendline resistance.
Break above to see test of 1.0550.
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