Chart - Courtesy Trading View
AUD/NZD was trading 0.33% higher on the day at 1.0882 at around 08:55 GMT, bias bullish.
The pair has snapped a two-day downside and edged higher after bouncing off 200H MA support.
On the weekly charts, the pair has shown a decisive break above channel top, raising scope for further gains.
Price action is above the daily cloud and Chikou span is biased higher. Momentum is bullish, volatility is high.
GMMA indicator shows major and minor trend are bullish. Major moving averages are biased higher.
Major support and Resistance levels:
Support levels - 1.0866 (5-DMA), 1.0797 (21-EMA), 1.0777 (20-DMA)
Resistance levels - 1.0894 (110-month EMA), 1.09, 1.0930 (Upper BB)
Summary: AUD/NZD trades with a bullish bias. Price action pivotal at 110-month EMA, break above will propel the pair higher. Bullish invalidation only on retrace into channel.
