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FxWirePro: AUD/NZD inches closer towards channel top, outlook bullish

Chart - Courtesy Trading View 

Technical Analysis: Bias Bullish

- AUD/NZD ignores Doji formation in the previous session, extends gains on improved sentiment

- The pair was trading 0.22% higher on the day at 1.0792 at around 12:30 GMT, after closing nearly unchanged on Tuesday's trade

- Price action is extending weekly cloud breakout and is on track to test channel top resistance at 1.0825

- The pair is on an upward streak for the 5th straight session, volatility is high and rising on the weekly charts, scope for upside continuation

Support levels - 1.0756 (5-DMA), 1.0742 (200H MA), 1.0713 (21-EMA)

Resistance levels - 1.0798 (Upper W BB), 1.08, 1.0825 (Channel top)

Summary: AUD/NZD trades with a bullish bias. Scope for test of channel top at 1.0825. Bullish invalidation likely below 21-EMA. 
 

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