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FxWirePro: AUD/NZD test cloud resistance, break above to fuel further gains

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bullish

- AUD/NZD was trading 0.13% higher on the day at 1.0773 at around 10:00 GMT

- The pair is extending 200-DMA breakout and is testing cloud resistance

- Momentum with the bulls, Stochs and RSI are strongly bullish, RSI well above the 50 mark

- MACD shows bullish crossover on signal line, supporting upside in the pair

- Price action has shown a decisive break above 200W MA and weekly cloud

- Volatility is high and rising as evidenced by widening Bollinger bands 

Support levels - 1.0742 (55-EMA), 1.0725 (200-DMA), 1.0716 (20-DMA)

Resistance levels - 1.0821 (Previous week high), 1.09, 1.0951 (110-month EMA)

Summary: AUD/NZD trades with a bullish bias. Breakout above cloud will propel the pair higher. Bullish invalidation only below 200-DMA. 
 

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