Go long AUD/NZD on sustained break above 1.0821, target 1.0920
Interest rate differentials and the divergences between RBA and RBNZ likely to push AUD/NZD higher
RBNZ is expected to cut interest rates in the December meeting while the RBA have signalled that they are on hold for the time being
Momentum studies are positive, pair could test 1.0921 50% of Sep/Nov fall, close above 1.0762 (200 DMA) & sustained 1.0821 38.2% Fibo break is bullish
However, momentum has slowed, pair was rejected at 55 EMA by 1.088 in yesterday's trade
The pair is currently trading at 1.0820 with a high of 1.0852 and a low of 1.0817 on the day, Stcohs are in overbought territory, so caution advised
1.0762 (200 DMA) is strong support on the downside, while resistance is seen at 1.0878 (55 EMA)
Recommendation: Good to go Long on sustained breaks above 1.0821, SL: 1.0770, TP: 1.0920
Resistance Levels:
R1: 1.0878 (55 EMA)
R2: 1.0882 (Nov 4 highs)
R3: 1.0921 (50% Fibo of Sep/Nov fall)
Support Levels:
S1: 1.0817 (session low)
S2: 1.0773 (Nov 4 th low)
S3: 1.0762 (200 DMA)
RBNZ is expected to cut interest rates in the December meeting while the RBA have signalled that they are on hold for the time being
Momentum studies are positive, pair could test 1.0921 50% of Sep/Nov fall, close above 1.0762 (200 DMA) & sustained 1.0821 38.2% Fibo break is bullish
However, momentum has slowed, pair was rejected at 55 EMA by 1.088 in yesterday's trade
The pair is currently trading at 1.0820 with a high of 1.0852 and a low of 1.0817 on the day, Stcohs are in overbought territory, so caution advised
1.0762 (200 DMA) is strong support on the downside, while resistance is seen at 1.0878 (55 EMA)
Recommendation: Good to go Long on sustained breaks above 1.0821, SL: 1.0770, TP: 1.0920
Resistance Levels:
R1: 1.0878 (55 EMA)
R2: 1.0882 (Nov 4 highs)
R3: 1.0921 (50% Fibo of Sep/Nov fall)
Support Levels:
S1: 1.0817 (session low)
S2: 1.0773 (Nov 4 th low)
S3: 1.0762 (200 DMA)
Penafian
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