FxWirePro: AUD/NZD Near-Term Outlook

AUD/NZD chart - Trading View 

AUD/NZD has ignored a 'Doji' formation in the previous session and is extending upside.

The pair was trading 0.19% higher on the day at 1.0839 at around 11:00 GMT, bias bullish.

The pair is on track to close higher for the 4th straight week as price extends gains above 200W MA.

Technical bias is strongly bullish. Analysis of the GMMA indicator shows major and minor trend are strongly bullish.

Oscillators are biased sharply higher. RSI is above 70, shows strength in the current uptrend. MACD and ADX supports gains. 

Price action has retraced dip below 200W SMA. Bollinger bands are widening suggesting rising volatility.

Price action is currently struggling at major trendline resistance at 1.0830. Decisive breakout at to fuel further gains.

Next major resistance lies at 1.0890. Failure at major trendline resistance at 1.0830 cloud see weakness. But pullbacks likely to be shallow. 

21-EMA is strong support at 1.0742. Break below will see dip till 1.07 (daily cloud). Bullish invalidation only below 200-DMA.

Major Support - 1.0810 (5-DMA), 1.0742 (21-EMA)

Major Resistance - 1.0830 (Trendline), 1.0880 (June 2nd high)