FxWirePro: AUD/NZD attempts major trendline breakout, outlook bullish
AUD/NZD chart - Trading View
AUD/NZD is extending gradual grind higher, outlook remains bullish.
The pair is attempting major trendline breakout at 1.0830, technical studies support upside.
The major was trading 0.07% higher on the day at 1.0852 at around 11:20 GMT, in the green for the 5th straight week.
Technical bias is strongly bullish. Analysis of the GMMA indicator shows major and minor trend are strongly bullish.
Oscillators are biased sharply higher. RSI is above 70, shows strength in the current uptrend. MACD and ADX supports gains.
Price action has retraced dip below 200W SMA. Bollinger bands are widening suggesting rising volatility.
Price action is currently attempting breakout at major trendline resistance at 1.0830. Decisive close above will fuel further gains.
Next major resistance lies at 1.0890. Failure at major trendline resistance at 1.0830 cloud see weakness. But pullbacks likely to be shallow.
21-EMA is strong support at 1.0753. Bullish invalidation only below 200-DMA.
Major Support - 1.0827 (5-DMA), 1.0753 (21-EMA)
Major Resistance - 1.0880 (June 2nd high), 1.0890 (Trendline)