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FxWirePro: AUD/NZD breaks above channel top, outlook bullish

Chart - Courtesy Trading View 

Technical Analysis: Bias Bullish

- AUD/NZD was trading 0.54% higher on the day at 1.0850 at around 09:55 GMT

- Price action has broken out of channel top resistance, raising scope for further upside

- Stochs and RSI are sharply higher, momentum is strongly bullish

- The pair has bounced off daily cloud support and Chikou span is biased higher

- MACD and ADX support upside, GMMA indicator shows major and minor trend are bullish

Support levels - 1.08 (Channel top), 1.0779 (5-DMA), 1.0735 (21-EMA), 1.0693 (55-EMA)

Resistance levels - 1.0895 (110-month EMA), 1.0898 (Upper W BB), 1.0947 (Mar 2022 high)

Summary: AUD/NZD trades with a bullish bias. Scope for test of 1.0895. Bullish invalidation only on retrace below channel top.
 

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