FxWirePro: AUD/NZD confirms Symmetric Triangle breakout, poised for further upside

AUD/NZD chart - Trading View 

AUD/NZD was trading 0.22% higher on the day at 1.0815 at around 03:30 GMT, outlook bullish.

The pair has confirmed breakout above Symmetric Triangle pattern boosting scope for further gains.

Retrace in price has bounced of 200-DMA support and price has edged above 55 month EMA. MACD and ADX support gains. 

Momentum studies are bullish, Stochs and RSI are sharply higher, RSI is above the 60 mark, supporting the current uptrend.

Volatility is high and rising as evidenced by widening Bollinger bands. The pair has ignored Doji on Monday's candle and is extending gains.

AUD ignores Australia’s exports slump and remains bid amid rising commodity prices. Australia’s January month trade figures flashed downbeat data with exports dropping 9% and imports down 10%.

Earlier in the day ANZ-Roy Morgan Consumer Confidence data printed a third consecutive week of downbeat figures from 109.9 to 109.2 recently.

Support levels - 1.0795 (Trendline), 1.0781 (5-DMA), 1.0721 (200-DMA)

Resistance levels - 1.0839 (Upper BB), 1.0880 (June 2020 high), 1.0895 (Oct 2020 high)

Summary: AUD/NZD has confirmed a Symmetric Triangle breakout. Scope for test of 1.0880 ahead of 1.0895. Failure to close above Symmetric Triangle top will negate bullish bias.