AUD/NZD chart - Trading View
AUD/NZD has gained over 1.20% for the week till date after the pair has bounced off 200W MA support with a 'Hammer' formation in the previous week.
The pair has broken above 'Triple Top' resistance at 1.0840, reinforcing strong upside bias.
Price action has hit 18-month high (highest since Nov 2018), scope for further gains.
A bullish 'Three White Soldiers' pattern on the daily charts suggests bullish momentum to continue.
'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) adds to the bullish bias.
The pair is throwing numerous signals for a strong bull run. Scope for test of 1.1175 (Aug 2018 high). Dips could be used to accumulate long positions.
On the flipside, 21-EMA is strong support at 1.0714. Dip below will see minor weakness. Retrace below 200W MA at 1.0659 could see major weakness.
