FxWirePro: AUD/NZD extends break above daily cloud, outlook bullish

Chart - Courtesy Trading View 

AUD/NZD was trading 0.26% higher on the day at 1.1094 at around 06:05 GMT.

The pair is extending gains for the 3rd straight session, price action has broken out of daily cloud. 

The Reserve Bank of Australia (RBA) has released July monetary policy minutes which show hawkish guidance by RBA policymakers.

The RBA policymakers see a need for more policy tightening as, even after recent hikes, supporting the Australian dollar across the board.

The RBA has raised its Official Cash Rate (OCR) consecutively by 50 basis points (bps), which currently stands at 1.35%.

The pair has shown a decisive break above cloud, raising scope for further upside. MACD confirms bullish crossover on signal line, ADX supports upside.

Momentum is bullish, Stochs and RSI are biased higher. RSI is well above the 50 mark. 

Major Support Levels: 

S1: 1.1062 (Cloud top)

S2: 1.1040 (5-DMA)

Major Resistance Levels: 

R1: 1.1089 (Upper BB)

R2: 1.1165 (Upper W BB)

Summary: AUD/NZD poised for further upside. Weakness only below daily cloud.