- AUD/NZD has broken strong resistance at 1.0875 (triangle top) on Wednesday’s trade last week.
- The pair is however struggling to extend gains, price action was rejected at day’s high by 1.0925, 200-DMA currently at 1.0922 is capping upside.
- We can see stiff resistance near 1.0925 region, any further bullishness only on breaks above 1.0925.
- Weakness back in Asian indices, while the copper prices are also seen in the red, down -0.53%, adding pressure on the Aussie.
- The pair is poised for gains on the weekly charts, we see the cloud offering strong support on the downside.
- Immediate support and resistance are located at 1.0842 (10-DMA) and 1.0922 (200-DMA) respectively.
Recommendation: Go long AUD/NZD on breaks above 1.0925, SL: 1.0840, TP: 1.0970/1.10/1.1085
The material has been provided by InstaForex Company – www.instaforex.com