FxWirePro: AUD/NZD grinds higher, on track to test 50% Fib at 1.0730

AUD/NZD chart - Trading View 

AUD/NZD was trading 0.21% higher on the day at 1.0704 at around 12:00 GMT, outlook bullish.

The pair is extending breaks above 200-DMA, trades in the green for the 4th straight session.

Momentum studies are bullish, stochs and RSI are biased higher. Volatility is rising as evidenced by widening Bollinger bands.

The Australian dollar largely ignored poor Trade data and was extending gains across the board.

Australia's preliminary Nov Trade Balance grew 1,958M versus 4,840M prior. Exports dropped from 6% in October to 1% while Imports surged from 8% to 11% during the stated period.

Breakout above 200-DMA and into daily cloud supports upside. Next immediate hurdle lies at 50% Fib at 1.0730. Scope for test of 61.8% Fib at 0.0804. 

Support levels - 1.0671 (200-DMA), 1.0637 (55-EMA), 1.0619 (21-EMA)

Resistance levels - 1.0747 (Upper BB), 1.0759 (Nov 5th high), 1.0804 (61.8% Fib)

Summary: AUD/NZD trades with bullish outlook. Pair is on track to test 50% Fib at 1.0730 ahead of 61.8% Fib at 1.0804. Bullish invalidation on retrace below 200-DMA.