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.
