AUD/NZD targets 200-DMA, long breakout at 21-EMA at 1.0784
AUD/NZD is trading in a slopping channel pattern and price action has bounced off channel base support in last week's trade.
Dismal New Zealand trade balance data helping the pair higher.
Statistics New Zealand reported a trade deficit of NZD 566 million, wider than the NZD 227 million deficit in January last year and the largest for the month since 2007.
The pair is extending upside for 4th consecutive session and we see scope for further upside.
Technical studies have turned bullish with bullish MACD line crossover on signal line.
Stochs have rolled over from oversold levels and RSI is biased higher.
Price action finds immediate resistance at 21-EMA at 1.0784. Breakout there will target 200-DMA at 1.0846.
On the flipside, 5-DMA at 1.0722 is immediate support. Break below will see some weakness.
Support levels - 1.0722 (5-DMA), 1.0654 (Feb 22 low), 1.0567 (78.6% Fib retrace of 1.0370 to 1.1290 rally)
Resistance levels - 1.0783 (21-EMA), 1.0846 (200-DMA), 1.0867 (55-EMA)
Good to go long on breakout at 21-EMA, SL: 1.0720, TP: 1.08/ 1.0845/ 1.0860/ 1.09.
Dismal New Zealand trade balance data helping the pair higher.
Statistics New Zealand reported a trade deficit of NZD 566 million, wider than the NZD 227 million deficit in January last year and the largest for the month since 2007.
The pair is extending upside for 4th consecutive session and we see scope for further upside.
Technical studies have turned bullish with bullish MACD line crossover on signal line.
Stochs have rolled over from oversold levels and RSI is biased higher.
Price action finds immediate resistance at 21-EMA at 1.0784. Breakout there will target 200-DMA at 1.0846.
On the flipside, 5-DMA at 1.0722 is immediate support. Break below will see some weakness.
Support levels - 1.0722 (5-DMA), 1.0654 (Feb 22 low), 1.0567 (78.6% Fib retrace of 1.0370 to 1.1290 rally)
Resistance levels - 1.0783 (21-EMA), 1.0846 (200-DMA), 1.0867 (55-EMA)
Good to go long on breakout at 21-EMA, SL: 1.0720, TP: 1.08/ 1.0845/ 1.0860/ 1.09.
Yorum:
TP1 hit. Next bull target 200-DMA. Stay long.