AUD/NZD chart - Trading View
Technical Analysis: Bias Neutral
- Price action is extending upside for the 2nd straight session
- A potential 'Morning Star' on the weekly charts keeps scope for upside
- Price action has edged above 5-DMA and 200H MA
- Major trend is bearish, but MACD is on verge of bullish crossover on signal line
- The pair has retraced brief dip below weekly cloud
Support levels - 1.0435 (Weekly cloud base), 1.0392 (61.8% Fib), 1.0264 (Aug 2019 low)
Resistance levels - 1.0549 (converged 20-DMA and 21-EMA), 1.0572 (5W MA), 1.0641 (55-EMA)
Summary: Australian dollar remains bid on upbeat data and improving Australia-China trade relations. Further, hopes for swift global economic recovery on potential coronavirus vaccines, could continue to keep the pair supported. Major trend is bearish, but indicators on the daily charts are flashing signs of upside. Stiff resistance seen at 1.0549. Decisive break above required for further gains.
