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FxWirePro: AUD/NZD holds 21-EMA support, 'Hammer' formation raises scope for upside
AUD/NZD chart - Trading View
AUD/NZD was trading 0.13% higher on the day at 1.0726 at around 11:30 GMT after closing 0.08% lower in the previous session.
The pair has bounced off 21-EMA support and 'Hammer' formation has raised scope for upside.
Price has been on an uptrend since March 18th and had gained over 8% since. Minor pullbacks have seen strong support at 21-EMA.
Major trend in the pair has turned bullish as evidenced by GMMA indicator and price action is above 200-DMA.
Resumption of upside will see test of Nov 2019 highs at 1.0865. Weakness only below 21-EMA.
Support levels - 1.0679 (21-EMA), 1.06, 1.0562 (55-EMA)
Resistance levels - 1.0728 (5-DMA), 1.0765 (88.6% Fib), 1.0830 (May 18 high)