FXWIREPRO: AUD/NZD Remains Supported Above 1.12, Good to Buy on Dips
- AUD/NZD is trading around 1.1240 marks.
- Pair made intraday high at 1.1245 and low at 1.1214 marks.
- Intraday bias remains bullish till the time pair holds key support at 1.1197 levels.
- A daily close below 1.1197 will take the parity down towards 1.1148/1.10 marks.
- On the other side, a sustained close above key resistance at 1.1298 will drag the parity up towards 1.1352/1.1590 marks.
- Short term expected trading range for the parity will be 1.1128 – 1.1317 marks.
- Overall trend remains bullish as 20D, 30D and 55D EMA heads up in daily chart and confirms bullish trend.
We prefer to take long position in AUD/NZD around 1.1220, stop loss 1.1197 and target 1.1317/ 1.1352 levels.
The material has been provided by InstaForex Company - www.instaforex.com