AUD/NZD opened with a bullish gap up, but has been rejected at major trendline resistance at 1.1055. We see a Doji formation at highs on the daily charts which raises scope for retrace. Technical indicators support upside in the pair. Price action is above major EMAs. The pair has broken above 100-DMA at 1.1003 and we see weakness on retrace below. RSI is above 50 levels and rising. Stochs also show bullish momentum. Breakout at major trendline resistance at 1.1055 could see test of 1.1119 (61.8% Fib retrace of 1.1290 to 1.0844 fall).
Support levels - 1.1003 (100-DMA), 1.0972 (5-DMA), 1.0954 (20-DMA) Resistance levels - 1.1055 (major trendline), 1.1075 (cloud top), 1.1119 (61.8% Fib retrace of 1.1290 to 1.0844 fall)
Good to go long on breakout at 1.1055, SL: 1.10/ TP: 1.11/ 1.1120/ 1.1140