Chart - Courtesy Trading View
Technical Analysis: Bias Bullish
- AUD/NZD ignores Doji formation in the previous session, extends gains on improved sentiment
- The pair was trading 0.22% higher on the day at 1.0792 at around 12:30 GMT, after closing nearly unchanged on Tuesday's trade
- Price action is extending weekly cloud breakout and is on track to test channel top resistance at 1.0825
- The pair is on an upward streak for the 5th straight session, volatility is high and rising on the weekly charts, scope for upside continuation
Support levels - 1.0756 (5-DMA), 1.0742 (200H MA), 1.0713 (21-EMA)
Resistance levels - 1.0798 (Upper W BB), 1.08, 1.0825 (Channel top)
Summary: AUD/NZD trades with a bullish bias. Scope for test of channel top at 1.0825. Bullish invalidation likely below 21-EMA.
