Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD was trading 1.07% higher on the day at 1.0868 at around 11:00 GMT
- The pair has broken above 55-EMA and has tested 38.2% Fib retracement at 1.0859
- MACD and ADX support upside in the pair, GMMA indicator has turned bullish on the intraday charts
- Momentum is bullish, Stochs and RSI are sharply higher, RSI is well above 50 mark
- Volatility is high and rising as evidenced by wide Bollinger bands
Major Support Levels:
S1: 1.0795 (55-EMA)
S2: 1.0758 (5-DMA)
Major Resistance Levels:
R1: 1.0893 (110-EMA)
R2: 1.0911 (Cloud base)
Summary: AUD/NZD trades with a bullish bias. The pair is on track to test daily cloud. Break above cloud base will fuel further gains.
