FxWirePro: AUD/NZD hovers near major trendline resistance at 1.0830, breakout to propel the pair higher

AUD/NZD chart - Trading View 

AUD/NZD was trading 0.13% higher on the day at 1.0817 at around 04:50 GMT, bias bullish.

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

The Australian dollar remains resilient despite a big miss on Chinese Services PMI. Fresh optimism on the US-China trade front keeps the antipodean supported.

Technical bias is strongly bullish. Oscillators are biased sharply higher. RSI is above 60, 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.

Bullish momentum and rising volatility to carry prices higher. Decisive breakout at major trendline resistance at 1.0830 to fuel further gains.

Failure at major trendline resistance at 1.0830 cloud see weakness. Pullbacks likely to be shallow. Major weakness only below daily cloud. 

21-EMA is strong support at 1.0724. Break below will see dip till 1.0711 (daily cloud). Bullish invalidation only below 200-DMA

Major Support - 1.0780 (5-DMA), 1.0724 (21-EMA)

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