AUD/NZD may rise 27 - 47 pips

1.1090 is our pivot point.

Our preference

Our next up target stands at 1.1160.

Alternative scenario

The downside breakout of 1.1090 would call for 1.1070 and 1.1050.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.1105 and 1.1113). Finally, the AUD/NZD has crossed above its upper Bollinger band (1.1113).

Supports and resistances

1.1180 **

1.1170 *

1.1160 **

1.1140

1.1113 last

1.1100

1.1090 **

1.1070 *

1.1050 **

Number of asterisks represents the strength of support and resistance levels.