AUD/NZD chart - Trading View
Technical Analysis: Bias Bullish
AUD/NZD was trading 0.19% higher on the day at 1.0717 at around 09:10 GMT, Aussie takes cues from Australia Treasury Secretary Kennedy's upbeat comments.
"Australia's economy is recovering faster than expected", Kennedy said during his testimony to a Senate committee, adding that it's a consumption-led recovery.
The pair trades pivotal at 200-DMA resistance. Breakout above will propel the pair higher.
Technical indicators are bullishly aligned. Momentum is bullish with Stochs and RSI biased higher and RSI edging above 50 mark.
The pair has retraced dip below daily cloud with Spinning Top formation at lows. MACD is on verge of bullish crossover on signal line.
Support levels - 1.0679 (21-EMA), 1.0642 (200H MA), 1.06
Resistance levels - 1.0718 (200-DMA), 1.0759 (Nov 5th high), 1.08
Summary: AUD/NZD pivotal at 200-DMA resistance at 1.0718. Watch out for decisive break above 200-DMA for further gains. Next bull target lies at 1.0825 (major trendline resistance).
