AUD/NZD chart - Trading View
AUD/NZD was trading 0.24% higher on the day at 1.0997 at around 06:10 GMT after closing 0.23% higher in the previous session.
The pair has ignored a 'Shooting Star' formation on the weekly charts and has resumed upside.
Price action is extending major trendline breakout and is trading just shy of 78.6% Fib at 1.1012.
News that a joint of Japan's Kirin Holdings and China Mengniu Dairy Co abandoned plans to buy Australian dairy firm Lion-Dairy weighs on the pair.
Technical studies are strongly bullish. Pullbacks on account of overbought oscillators have held above 200H MA support.
The pair is set to resume upside and breakout at 78.6% Fib will propel the pair higher. Next bull target lies at 88.6% Fib at 1.1142.
On the flipside, 200H MA at 1.0969 is strong support. Break below will see dip till 21-EMA at 1.0886. Bullish invalidation below 200-DMA.
