AUD/NZD Back Above 1.12 Mark, Good to Buy on Dips
- Pair is currently trading at 1.1230 levels.
- It made intraday high at 1.1232 and low at 1.1205 levels.
- Intraday bias remains bullish for the moment.
- On the downside, key support level falls at 1.1060 levels.
- A daily close below key support will drag the around 1.0937/ 1.0822/1.0570 levels thereafter.
- Alternatively, current upward movement will take the parity towards key resistance at 1.1298/1.1590 marks thereafter.
- In addition, 20D, 30D and 55D EMA suggests bullish trend.
- Market will focus on RBNZ governor Wheeler speech as well as RBA’s monetary policy meeting minutes due tomorrow. This will provide further direction to the parity.
Trade idea:
Go long in AUD/NZD around 1.1220, stop loss 1.1144 and target 1.1298/ 1.1590 levels.
The material has been provided by InstaForex Company - www.instaforex.com
