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Chart - Courtesy Trading View
Technical Analysis: Bias Bullish
- AUD/NZD was trading 0.46% higher on the day at 1.0839 at around 09:45 GMT
- The pair is extending previous session's gains, scope for further upside
- Price action has retraced dip below 200H MA, breaks above 5-DMA
- GMMA indicator shows major and minor trend are strongly bullish
- The pair has held support at 21-EMA, weakness only on break below
Support levels - 1.0813 (5-DMA), 1.0757 (21-EMA)
Resistance levels - 1.0860 (Upper BB), 1.0885 (Yearly high)
Summary: AUD/NZD has snapped downside of two days and is poised for upside resumption. Close above channel top will support further gains in the pair. Next major hurdle lies at 110-month EMA at 1.0893.
