Chart - Courtesy Trading View
AUD/NZD was trading 0.44% higher on the day at 1.0421 after closing 0.50% higher in the previous session.
The pair has bounced off major trendline support and price action is testing 55-EMA resistance at 1.0429.
Technical indicators are turning bullish. MACD is on verge of bullish crossover on signal line. Positive DMI crossover on negative DMI adds to the upside bias.
RSI has edged above the 50 mark and is biased higher. Price action has edged above 200H MA.
Volatility is high as evidenced by wider Bollinger bands. Break above 55-EMA will see test of 110-EMA at 1.0484.
Support levels - 1.0399 (21-EMA), 1.0363 (5-DMA), 1.0315 (Trendline)
Resistance levels - 1.0429 (55-EMA), 1.0445 (Daily loud), 1.0484 (110-EMA)
Summary: AUD/NZD pivotal at 55-EMA. Watch out for decisive break above for further gains. Next bull target lies at 110-EMA at 1.0484.
