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Chart - Courtesy Trading View
Technical Analysis: Bias Bullish
- AUD/NZD was trading 0.71% higher on the day at 1.0949 at around 11:15 GMT
- The pair erased early losses and spiked higher from session lows at 1.0822
- Price action has bounced off 21-EMA support
- The pair is trading above daily cloud and Chikou span is biased higher
- GMMA indicator shows major and minor trend are strongly bullish
Support levels - 1.0883 (5-DMA), 1.0822 (21-EMA), 1.0751 (55-EMA)
Resistance levels - 1.10 (Psychological mark), 1.1043 (2020 high), 1.11
Summary: AUD/NZD is extending bullish streak for the 5th straight week. Channel breakout has raised scope for further gains. Scope for test of 2020 high at 1.1043.
