AUD/NZD may rise 31 - 51 pips

Our pivot point stands at 1.0970.

Our preference

As long as 1.0970 is support look for 1.1050.

Alternative scenario

The downside breakout of 1.0970 would call for 1.0950 and 1.0930.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (1.1001) but above its 50 period moving average (1.0983).

Supports and resistances

1.1080 **

1.1070 *

1.1050 **

1.1030

1.0999 last

1.0980

1.0970 **

1.0950 *

1.0930 **

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