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AUD/NZD - Anticipating a Buy on this Dip

AUD/NZD is retreating from 1.10 after breaking above some critical resistance factors. The market is essentially in the middle of a range, but there is some bullish outlook, especially if the pair holds above 1.06 after this retracement.

AUD/NZD Weekly Chart

(click to enlarge)

The Bullish Outlook:
- The weekly chart shows a bullish outlook projection.
- If price holds above 1.06, we are likely to see another test of 1.10. 
- A break above 1.10 opens up the 2015-2016 highs around 1.1320-1.1420. 
Support at 1.06:
- A break below 1.06 on the other hand would reflect a market with some bearish bias , which would put the 1.04 level or even the 2016 low around 1.0250 in sight. 

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