FXWIREPRO: AUD/NZD Remains Supported Above 1.1062, Good to Buy on Dips
- AUD/NZD is trading around 1.1097 marks.
- Pair made intraday high at 1.1099 and low at 1.1075 marks.
- The Australian dollar was the weaker performer of the two antipodean currencies on Tuesday as RBA decided to keep the cash rate on hold at a record-low 2.0% and soft trade data working against the so-called Aussie.
- Intraday bias remains bullish till the time pair holds key support at 1.1062 marks.
- A daily close below 1.1062 will take the parity down towards 1.1016/ 1.0934 marks.
- On the other side, a sustained close above key resistance at 1.1123 will drag the parity up towards 1.1298/1.1352/1.1590 marks.
We prefer to take long position in AUD/NZD around 1.1081, stop loss 1.1062 and target 1.1228 marks.
The material has been provided by InstaForex Company - www.instaforex.com