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FxWirePro: AUD/NZD on verge of cloud breakout, momentum bullish

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bullish

- AUD/NZD was trading 0.12% higher on the day at 1.0557, slightly lower from session highs at 1.0575

- The pair is attempting a break above daily cloud top, which if confirmed will fuel further gains 

- Momentum studies are bullish, Stochs and RSI are sharply higher, RSI is above 70 supporting upside

- MACD and ADX support bullish bias in the pair. Volatility is high and rising. 

- Analysis of the GMMA indicator shows major trend is neutral, but minor trend is strongly bullish.

Support levels - 1.0531 (110-EMA), 1.0524 (5-DMA), 1.0483 (38.2% Fib)

Resistance levels - 1.0555 (cloud top), 1.0609 (61.8% Fib), 1.0653 (200-DMA)

Summary: AUD/NZD trades with a bullish bias. Cloud breakout will fuel further upside in the pair. Next major bull target lies at 61.8% Fib at 1.0609 ahead of 200-DMA at 1.0653.
 

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