Long AUD/NZD dips for 1.0785
AUD/NZD has broken major resistance at 1.066 levels (38.2% Fib, major trendline).
Technical studies are bullish, MACD and Stochs are biased higher.
Some caution advised as Stochs are in extreme overbought territory, RSI strength at 72 levels.
Strong support at 1.05 levels, we see weakness only on break below.
Major support levels - 1.0655 (38.2% Fib of 1.1333 to 1.0237 fall), 1.06 (10-DMA), 1.0502 (20-DMA)
Major resistance levels - 1.0743 (Aug 9 high), 1.0771 (July 19 high), 1.0785 (50% Fib), 1.0806 (May 17 high)
Good to go long on dips around 1.07, SL: 1.0650, TP: 1.0740/ 1.0785/ 1.08
Technical studies are bullish, MACD and Stochs are biased higher.
Some caution advised as Stochs are in extreme overbought territory, RSI strength at 72 levels.
Strong support at 1.05 levels, we see weakness only on break below.
Major support levels - 1.0655 (38.2% Fib of 1.1333 to 1.0237 fall), 1.06 (10-DMA), 1.0502 (20-DMA)
Major resistance levels - 1.0743 (Aug 9 high), 1.0771 (July 19 high), 1.0785 (50% Fib), 1.0806 (May 17 high)
Good to go long on dips around 1.07, SL: 1.0650, TP: 1.0740/ 1.0785/ 1.08
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