Chart - Courtesy Trading View
AUD/NZD was trading 0.06% higher on the day at 1.0720 at around 05:40 GMT. The pair is extending bounce off 110-EMA support and has shown a break above daily cloud. Price action is now above 200H MA. GMMA indicator shows major and minor trend have turned bullish on the intraday charts.
Hope for an end to the war has lifted the commodity currencies. Sentiment had been supported by Russia appearing to make a dollar bond coupon payment - avoiding default - and previous comments from Moscow about a deal with Ukraine being close. China headlines, cautious mood ahead of Xi-Biden call challenge bulls.
Technical Analysis:
GMMA Indicator - Turns bullish on intraday charts
Ichimoku Analysis - Price action is above cloud and Chikou span is biased higher
Oscillators - In neutral territory, biased higher
Bollinger Bands - Volatility is high
Major Support Levels: 1.0705 (20-DMA), 1.0700 (21-EMA), 1.0673 (55-EMA)
Major Resistance Levels: 1.0773 (Upper BB), 1.0795 (March 3rd high), 1.0810 (Channel top)
Summary: AUD/NZD poised for further gains. Close above daily cloud has raised scope for further upside. Test of channel top at 1.0810 likely.
