Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD was trading 0.44% higher on the day at 1.1101 at around 13:35 GMT
- The pair has shown a break out of daily cloud, raising scope for further upside
- MACD confirms bullish crossover on signal line, ADX supports upside
- Momentum is bullish, Stochs and RSI are biased higher and RSI is above the 50 mark
- GMMA indicator shows major and minor trend are bullish
Support levels:
S1: 1.1063 (5-DMA)
S2: 1.1041 (21-EMA)
Resistance levels:
R1: 1.1099 (Upper BB)
R2: 1.1168 (June 16 high)
Summary: AUD/NZD poised for further upside. Decisive break above cloud has opened upside in the pair. Scope for retest of yearly high at 1.1168.
