Chart - Courtesy Trading View
Technical Analysis: Bias Bullish
- AUD/NZD was trading 0.04% higher on the day at 1.0757 at around 05:50 GMT
- The pair is extending 200-week MA breakout, scope for further gains
- Price action is trading in a falling channel pattern and has broken above weekly cloud raising scope for further gains
- Momentum is strongly bullish, stochs and RSI are sharply higher, MACD and ADX support gains
- Price action is well above the daily Ichimoku cloud and Chikou span is biased higher
- GMMA indicator shows major and minor trend are strongly bullish
- A 'Golden Cross' (bullish 50-DMA crossover on 200-DMA) keeps scope for further gains
Support levels - 1.0734 (5-DMA), 1.0707 (200H MA), 1.0670 (21-EMA)
Resistance levels - 1.08, 1.0812 (June 2021 high), 1.0830 (channel top)
Summary: AUD/NZD trades with a strong bullish bias. Scope for test of channel top at 1.0830. Channel break out will propel the pair higher.
