AUD/NZD breaks major trendline resistance (1.0895), stay long
AUD/NZD breaks past major resistance at 1.0895 on Tuesday's trade, spikes past 1.09 handle.
20-DMA at 1.0954 is strong resistance, pair struggling to break above.
Technical indicators on intraday charts have turned slightly bullish, Stochs have rolled over from oversold levels and RSI is above 50.
That said, techs on weekly charts are still bearish. Stiff resistance lies at 1.1155 (major trendline), only decisive break above could see further upside.
Support levels - 1.09, 1.0894 (converged 50&5-DMA), 1.0848 (38.2% Fib retrace of 1.0370 to 1.1143 rise)
Resistance levels - 1.0954 (20-DMA), 1.0961 (23.6% Fib), 1.0978 (Sept 26 high)
Watchout for decisive break above 20-DMA for further upside, target 1.0980/ 1.10/ 1.1040.
20-DMA at 1.0954 is strong resistance, pair struggling to break above.
Technical indicators on intraday charts have turned slightly bullish, Stochs have rolled over from oversold levels and RSI is above 50.
That said, techs on weekly charts are still bearish. Stiff resistance lies at 1.1155 (major trendline), only decisive break above could see further upside.
Support levels - 1.09, 1.0894 (converged 50&5-DMA), 1.0848 (38.2% Fib retrace of 1.0370 to 1.1143 rise)
Resistance levels - 1.0954 (20-DMA), 1.0961 (23.6% Fib), 1.0978 (Sept 26 high)
Watchout for decisive break above 20-DMA for further upside, target 1.0980/ 1.10/ 1.1040.